ProtectionDec 29 2016

LV to invest in protection range

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LV to invest in protection range

Life company LV has committed to investing more in its range of protection products and tools next year – but also called on the government to do more to highlight the sector.

Speaking to FTAdviser, ‎Chris McNab, head of protection at LV, said the company plans to find “new and exciting ways” to improve its offering and “ensure advisers can work with us as quickly and easily as possible”.

More events, tools and member benefits linked to its protection range are planned.

The company will continue to run its ‘Wake Up to IP’ income protection events next year, and extend its IP Summer School programme, which are designed to engage more advisers in the sale of income protection.

Other investment will see spin-offs from tools such as the LV Risk Reality calculator.

This helps to calculate the likely risk of a number of life events happening to advisers’ clients using a few personal details.

LV will also be reviewing the wider benefits it offers customers alongside its products, such as the Health and Wellbeing Service.

This service provides counselling support, home visits and back-to-work support services for those who have suffered an illness.

“In 2017, we want to ensure that our protection members have access to even more benefits and service that really add value throughout their policy, not just when they claim,” Mr McNab said.

But he added that the government must act to support the industry.

“The government has a crucial role to play in helping create more resilient households by engaging with the industry and ensuring the state benefit rules do not penalise those who choose to protect themselves,” he said.

As part of this, LV wants to see a task force set up involving government, the new public financial guidance body, employers, distributors, the Financial Conduct Authority, relevant charities, health providers and insurers.

“This task force would ensure that stakeholders seize every opportunity to alert people of the need to plan for contingencies such as sickness absence,” Mr McNab said.

LV also plans to put forward a strong case for protection in its response to the recent government ‘Work, health and disability’ green paper, and is open to working with others in the industry on collaborative responses. 

“We view this as a golden opportunity to raise awareness and engagement with consumers, through a complementary and simpler benefits environment that helps encourage take up of private provision and access to advice,” Mr McNab said.

laura.miller@ft.com