LV= makes it 'easier' to claim on unemployment insurance
LV= has announced its cheap insurance customers will be able to claim more easily if they lose their jobs, as the insurer has removed one of its conditions from its Lifestyle and Mortgage Policy.
The insurer has said that it would remove the 60-day initial period during which policy-holders are not allowed to claim unemployment cover for those who switch to the policy.Usually new customers would have to hold their policies for at least 60 days before they were able to make an unemployment claim on the policy, which offers both mortgage and living expenses cover.
Chris McFarlane, head of protection at LV=, said: "The onset of the recession has brought into sharp focus the reality of how important it is to have the right cover in place."
Recently, Zurich published research which showed that many people are cutting down on their mortgage and payments protection insurance as a way of saving money during the credit crunch.
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