LV=, the specialist protection provider, is extending its life insurance contract terms across several product lines to provide cover up to the age of 90.
The changes will affect Life Protection, Business Protection Life Insurance and Family Income Benefit (FIB) policies, increasing the maximum term available for these products to 50 years.
For Relevant Life Cover, the maximum age to start inflation-linked policies will increase to 69. The inflation-linked versions of FIB, Life Protection or Business Protection Life Insurance will have a maximum entry age of 84 years.
LV= Personal and Business Protection Life Insurance changes
|Product||Cover Type||Min/ Max age at start||Max. age of cover||Maximum Term|
|Life Protection||Decreasing & Level||17-84||90||50 years|
|Business Protection – Life Insurance||Decreasing & Level||17-84||90||50 years|
|Family Income Benefit||Level||17-84||90||50 years|
|Relevant Life Cover||Level||17-69||75||50 years|
Debbie Kennedy (pictured), protection director at LV=, said life expectancy and working lives have grown and changed rapidly over past decades, leaving many people with mortgages lasting into their seventies, adopting new career paths and working into later life.
She said: “Growing numbers of people aged over 65 continue to need life cover and we believe it’s important that LV= offers financial safety net choices and support that can adapt to reflect these changes in society.”