LV= has mace changes to the LV= Flexible Protection Plan, its menu-based approach to providing income protection, critical illness cover and life protection.

As an alternative to its standard children’s cover, LV= introduces the option to take out Life and Critical Illness with Enhanced Children’s Cover. This includes child specific conditions, payments for pregnancy complications and increased payout levels:

• cover for an additional 10 child-specific conditions likely to occur during birth and early infancy including Type 1 diabetes, cerebral palsy and Down’s Syndrome. This brings the total number of conditions to 95 for children.
• £5,000 payment if the life insured is diagnosed with one of six pregnancy-related complications
• increased children’s payouts – 50% of the parent’s cover, up to an increased maximum amount of £35,000, per child per policy

LV= introduced a series of improvements to its Life and Critical Illness Cover in January 2020 with more comprehensive cover for 87* conditions (and 85 conditions for children), increased enhanced claim payments for 17 conditions and improved cancer coverage including a cancer diagnosis payment.

Meanwhile, the provider has updated its Family Income Benefit and added it to the LV= Fastway quote and apply system and LV= Flexible Protection Plan, with:

• guaranteed benefits paid monthly (instead of quarterly) with option to commute to a reduced lump sum at and throughout a claim.
• added guaranteed increase options for life events, including new family members and rental changes

LV= offers members a range of daily benefits with the need to make claim including a 24/7 member care line with access to legal, medical and counselling experts. Plus LV= Doctor Services, provided by Square Health, with app-based access to remote GP, physio and mental health specialists, second opinion for people diagnosed with a serious illness, mental health support and discounted health assessments.

Debbie Kennedy, director of protection at LV=, said: “The dynamics and make up of families are diverse and ever changing – and so are their protection needs. We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net.

“I’m delighted that we are offering more cover and support for new, growing and established of families – with child-specific critical illness cover, support for expectant mothers and through our Family Income Benefit, provision of an income after a parent passes away.

“These changes strengthen our Flexible Protection Plan, enabling advisers to easily design an all-round financial protection solution – with the daily difference of emotional and practical support – tailored to the unique needs of their clients and family.”