Liverpool Victoria (LV=) insurance has announced that it will be launching a new mortgage
and rent cover for those with fluctuating incomes, as well as regular earners.
The new protection will also enable small businesses to pay sick pay benefits to key employees.
Developed with feedback from financial advisers, the new cover offers protection with no minimum hours worked or proof of income required, either when applying or making a claim.
Debbie Kennedy, protection director at LV=, said: “LV= mortgage and rent cover is the first product of its kind, focusing on under-served groups who are more prone to income shocks. It is designed to provide protection and peace of mind for people who worry about paying their mortgage or rent, if illness or injury stops them working.
“As millions of households opt to rent their homes and working patterns change, it is vital that protection providers adapt and innovate to suit the needs of advisers and their clients.”
She added: “We’ve stepped up, started from first principles and thought again about how income protection can best serve policyholders.”