LV= makes payment break option permanent

The break option was introduced at the start of the Coronavirus pandemic in April 2020.

The payment break has been made permanently open to vulnerable customers.

Eligible members unable to pay their premiums can apply for a payment break for a maximum of three months.

The break can be taken a month at a time.

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.

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Justin Harper, propositions and marketing director at LV=, said: “LV= payment breaks were developed with vulnerable customers in mind, allowing us to step in quickly at the height of the pandemic to assist those facing financial difficulties.

“It is crucial in times of financial hardship that policyholders continue to have access to the support they need and are able to keep their valuable existing cover in place.”

Since April 2020 over 300 customers have taken the payment break option.

The protection provider added that 93% of members who have been granted a payment break so far have been self-employed.

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