Debbie Kennedy, Protection Director at LV=, confirmed the new product was part of the insurer’s to keep with times and assist consumers who are now more likely to have fluctuating working patterns and incomes.
Kennedy said: “Working patterns have been transformed over the past 20 years and there are millions of freelance workers whose incomes fluctuate. Many would struggle to meet their mortgage or rental payments if illness or injury prevents them from working.
“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.”
She added: “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.
“We’ve stepped up, started from first principles and thought again about how income protection can best serve policyholders. With LV= Mortgage and Rent Cover, we can offer reassurance for consumers seeking to protect their mortgage and rent outgoings.”