LV= launches Mortgage & Lifestyle Protection
by Gill Montia
Story link: LV= launches Mortgage & Lifestyle Protection
Friendly society, LV=, has launched Mortgage & Lifestyle Protection, a new policy that provides cover against accident, sickness and unemployment.
The policy offers level mortgage cover and customers can choose between level or index-linked living expenses protection.
Mortgage repayments and living expenses cover can be arranged over different terms, taking into account the fact that the need for income protection may not end when the mortgage is paid-off.
For a male aged 30 next birthday and in a low risk occupation, level mortgage payment protection cover of £500 per month (payable for 25 years) and index linked living expenses protection cover of £300 per month (payable for 35 years) costs £32.92 per month.
There is a waiting period of three months before claims are paid and an option to extend this to six months, which will lower the premium.
Accident and sickness cover pays out until the policyholder returns to work, the plan ends, or the policyholder dies.
Cover is available to employed and self-employed people and premiums are guaranteed for the term of the plan.