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LV extends life cover for older clients – FT Adviser

LV is upgrading its life insurance terms to provide cover for older clients.

The protection provider is extending its life insurance contract terms to provide cover up to the age of 90.

The changes will affect life protection, business protection life insurance and family income benefit policies and increase the maximum term available to 50 years.

Additionally, for relevant life cover, the maximum age to start inflation-linked policies will increase to 69.

The inflation-linked versions of family income benefit, life protection or business protection life insurance, meanwhile, will have a maximum entry age of 84 years.

Debbie Kennedy, protection director at LV, said: “Life expectancy and working lives have grown and changed rapidly over past decades, leaving many people with mortgages lasting into their seventies, adopting new career paths and working into later life.

“Growing numbers of people aged over 65 continue to need life cover and we believe it’s important that LV offers financial safety net choices and support that can adapt to reflect these changes in society.”

Steve Berry, consultant, business development at Protection Guru, said: “For older clients the age limits that insurers put on their policies may restrict the advisers’ choice so this is a welcome move which can only better serve clients, making valuable cover accessible to more people for longer.”

Berry added: “[Most] plans expire at age 89, and LV’s changes bring them up to this mark, which is only a year less than the highest option available in the market.”

Product

Cover type

Minimum/Maximum age at start

Maximum age of cover

Maximum term

Life Protection

Decreasing & Level

17-84

90

50 years

Inflation-linked

17-79

85

50 years

Business Protection – Life Insurance

Decreasing & Level

17-84

90

50 years

Inflation-linked

17-79

85

50 years

Family Income Benefit

Level

17-84

90

50 years

Inflation-linked

17-79

85

50 years

Relevant Life Cover

Level

17-69

75

50 years

Inflation-linked

17-69

75

50 years

chloe.cheung@ft.com

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know.

Source: Google | Insurance News

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