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January 13, 2009    

No 60-day claim exclusion for new LV= customers

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by David Masters
No 60-day claim exclusion for new LV= customers

Insurance firm Liverpool Victoria (LV=) has scrapped a restriction that prevents home-owners from claiming unemployment cover during the first 60 days of a policy.

LV=’s Mortgage & Lifestyle Protection plan offers policy holders cover for mortgage payments and living expenses in the event of an accident, sickness, or unemployment.

The policy pays out until the client recovers, finds employment, or the policy term expires - usually 12 months.

Unemployment cover can be claimed for up to 36 months over the lifetime of the policy, with a maximum 12 months on any one claim.

Existing LV= customers have to transfer to the Mortgage & Lifestyle Protection plan to have the 60-day restriction removed from their policy. Transferring customers will be offered the same level of cover as on their previous policy.

LV=’s head of protection, Chris MacFarlane, said the recession has brought the importance of having the right cover into ‘sharp focus’.

Despite MacFarlane’s warning, recent research by Zurich found that payments protection insurance has become less of a priority for people during the economic downturn.

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