Insurance specialist LV= has launched a standalone life cover product, allowing bosses to set up life cover for their employees or company directors.
LV=’s Relevant Life Cover will be an extension from the current Flexible Protection Plan (FPP) Term product, that offers cover for terminal illness and guaranteed insurance options. Customers can apply for the product either online or on paper, but the cover must end before the individual reaches the age of 75.
Mark Jones, LV= head of protection, said: “Relevant life cover is a way that smaller businesses that do not offer a group life scheme can provide their employees with cover in a flexible and cost-effective way, as the premiums are considered to be an allowable business expense and as the policy is written into trust from outset the benefits are usually paid free from inheritance tax.
“LV=’s Relevant Life Cover is designed to help employers to attract and retain the best people within their business by offering their employees valuable life protection at a reduced cost to the business. The continuation option means that the employee can feel confident that they are able to remain protected even if they change employer."
As part of the product, there will also be a continuation option so that even if the individual leaves employment and the policy is cancelled, they can still be re-issued with a standard life protection policy if they need to still be covered. If someone moves to a new company, a new Relevant Life Cover policy can be set up and managed by the new employer.
Anyone who is insured under this policy is also qualified for the Executive Assistance Plan, which offers unlimited access to telephone counselling, a legal issue helpline and a health advice line.
For more details on the new product, be sure to visit here.
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