LV= has amended its LifeTime+ policy to include terminal illness cover and added three new guaranteed increase options, taking the total to 10.
The terminal illness cover will be paid out if a client has a life expectancy of less than 12 months. Those who wish to use their whole of life policy for IHT planning can write their payment in trust avoiding an increase in the value of their estate and tax liability.
Clients will now be able to increase the value of their cover without further underwriting if their IHT liability increases due to inflation, market movement or a salary rise. Clients can also replace their death in service benefit at the point of retirement.
All clients who purchase an LV= whole of life policy automatically qualify for access to the insurer’s member benefit services which includes unlimited access to a telephone counselling service, a legal issue helpline and confidential wellbeing advice line.
These benefits can be used by policyholders as well as family members as soon as the policy is live.
LV= head of protection Mark Jones says: “Post-RDR there is a growing demand for holistic financial planning and we have enhanced our whole of life cover in response. Our product can be used by those who want to fund all or part of the tax liability that may be payable on their death, or want protection that will pay out whenever they die.
“By widening our GIOs advisers can feel confident that their clients and their families will have the right level of cover even if their circumstances change.”