LV= amends and reduces cost of MPPI cover

LV= has announced improved flexibility and lower pricing for its mortgage and lifestyle protection product.

The provider says the changes, which are the result of adviser feedback, target greater flexibility in matching cover to clients' sick pay and redundancy arrangements as well as a new pricing approach.

A mortgage guarantee has also been added, which is designed to help those who are self-employed or whose income relies heavily on commission and bonuses.

This will use the client's average regular monthly mortgage payments over the previous 12 months if they need to claim and can't provide proof of earnings to support their level of cover.

Mark Jones, head of protection at LV=, explains advisers felt there were two things holding the product back.

"The first was that they wanted different waiting periods for accident and sickness cover and unemployment cover," he says.

"Typically they might have a client with six months sick pay, but little or no redundancy entitlement or savings, and previously the unemployment cover had to have the same waiting period as the accident and sickness. Now, they can be different.

"The second was about price, and we've now simplified our approach to unemployment cover, with a new low rate band for those in lower risk occupations," he adds.