Protection specialist LV= is to continue offering its payment break option permanently to maintain support for vulnerable customers.
Initially launched during the coronavirus pandemic to help LV= members facing financial difficulties, the payment break enables vulnerable members with protection policies to stop paying premiums for a limited period without losing cover.
Payment breaks are offered a month at a time, for up to three months with no requirement for premiums to be repaid. Existing members that qualify can still make a claim in the usual way, as their cover will remain in place in line with the terms and conditions of their policy.
LV= staff are available to talk with members to understand their situation, signpost existing options and services available through their existing policy before considering any payment break.
Since April 2020, more than 300 customers have benefited from the Payment Break option. Self-employed workers account for the majority of eligible members (93%), who would have no state benefit support or no other employee benefits if they were unable to work due to illness or injury.
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