Financial services company revamps income protection policy

Tue, 29 May 2007

A financial services provider has announced changes to its income protection package, which may be of interest to consumers looking for a competitive payment security package.

The insurance product from financial services provider Liverpool Victoria Friendly Society incorporates a maximum benefit level of £150,000 per year.

To put this into context, it is 80 per cent more than had previously been offered by the insurance specialists.

Meanwhile, the financial services company has also removed the HIV exclusion element of its payment protection deal.

Stuart Tragheim, director of intermediary business at Liverpool Victoria, has commented on the changes.

"We are committed to continually strengthening our award-winning income protection offering," he said.

"I am delighted by the developments and innovations we have introduced over the last year, which make our propositions more attractive."

Typically, income protection plans are designed to offer policyholders financial support in the event that they become unable to work for medical reasons.

The products generally pay out a regular cash lump sum to employees affected by illness of injury, which can be used to keep up repayments on financing obligations such as mortgages and credit card debts .

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