LV offers protection insurance payment holidays to people affected by coronavirus and says they will NOT have to refund anything.LV will allow policyholders to pay 3 months outages on protection Life coverage, income protection and critical illness all covered out of the scheme during the paid holiday period Customers will not have to refund anything at the end of the period Here's how to help people affected by Covid-19By Will Kirkman for Thisismoney.co.uk Published: 04:08 EDT, 25 April 2020 | Updated: 04:08 EDT, April 25, 2020 LV has become the first insurer to offer payment holidays for coronavirus-protected protection insurance customers, which means that they will not have to pay their premiums but still maintain coverage. The group will offer a break of up to three months for existing policyholders who have taken out their insurance with LV for a year or more and who have experienced a significant drop in their earnings, or who have seen their usual earnings stop completely due to the coronavirus crisis. offered one month at a time, for a maximum of three months, and policyholders will not have to repay unpaid premiums later. Coverage is kept in full at the same level for the duration of the payment interruption and customers will continue to be able to access the services and file a claim in the usual way. LV's life insurance, income protection and serious illnesses are all covered by the scheme. At present, these outages are only available to insurance customers and no general insurance announcements have been made yet, such as auto or home insurance. Termination of payment will be available to members who are unable to pay premiums for a variety of reasons, including mental health issues, bereavement of a close family member, terminal illness or illness, signs of exploitation by third parties or potential homeless people. LV Security Director Debbie Kennedy said: "There is a strong link between financial and mental health and vulnerability, and the introduction of the option of a payment break during these particularly uncertain times means that we can offer more support and reassurance when members are at are the most vulnerable. "With payment interruption we can prioritize additional financial support for existing members who need it most and, above all, keep their coverage in place. "The group also increased non-medical limits by 10% for income protection, personal health insurance and coverage for serious illness. This means that the amount of policyholders for coverage they may require before you need a medical note will increase by 10%. If you are an LV customer, be sure to speak to them before canceling payments: before you stop payments you will need to be approved for a payment vacation. Should you buy life coverage online or use a consultant? We often think of buying life coverage online from price comparison sites because it is possible to search the whole market and find the cheapest quote in a few minutes, but it is not necessarily the best idea to do it. You may not know how much you should insure yourself and the quote is unlikely to be tailored to your individual circumstances. In this case, we think it is worth talking to a consultant if you are looking for protection, especially if you want more than just life insurance. Having said that, if you are determined to do it yourself there are many options available. You can purchase coverage online from a number of price comparison websites Compare the market, Confused or Moneysupermarket offer a good range of products and will quote you based on the averages. When you apply directly to the insurer, they will provide you with a personal premium offer. Alternatively, you can get a personalized quote online by answering some basic questions: this is Money has collaborated with Cavendish Online to offer our readers exactly this option, for the cheapest price in any part of the market. You can complete the entire trip online or you can choose to chat with a consultant if you prefer, at any time. Or you can find an independent financial advisor here. THIS IS THE FIVE MONEY OF THE BEST PROTECTION INSURANCE OFFERS
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