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LV= intends to upgrade the mortgage payment protection insurance sector with a new product offering accident, sickness, unemployment and mortgage payment cover. 

The new mortgage and lifestyle protection policy will pay out guaranteed premiums until the claimant returns to work or until the plan ends with disability definitions based on the policy holder’s occupation. 

LV= says the longer term of its new policy is a key distinction from other mortgage payment protection plans which are often limited to one or two years. 

The insurance company formerly known as Liverpool Victoria says the plan will offer a choice of level or index-linked living expenses protection.  

‘We saw that the market needed a more flexible product that could be tailored to their client’s individual needs and that was easy to understand,’ said Chris McFarlane (pictured), head of protection at LV=. 

McFarlane said LV=’s new plan will stimulate the protection market, and will be a helping hand for advisers hit by the downturn in the mortgage market. 

Tele-underwriting with medically trained staff will be used in the application process, said McFarlane. 

‘An additional bonus of this product is its flexibility, the client can alter their cover when their life circumstances change, for example if they move house, have children or get married,’ said McFarlane

With the current credit crunch stretching many families finances, Legal & General are advising them to take out suitable insurance protection. 

Product marketing director of protection at Legal & General, Bonnie Burns, says: ‘Most families’ finances would unravel if a parent died or became too ill to work.’

She adds: ‘They are risking their futures by not protecting their key asset - their future income.’

With family protection policies such as Critical Illness, Income Protection or Life Cover a monthly income can be provided should something happen to the policyholder.

If you are interested in taking out an insurance policy with How Much Cover please click here.

The insurance company launches new home insurance via Insurecom.

AXA has announced that its ABC and Exclusive household insurance products are now available to customers of the software solutions firm Insurecom.

The software company will host the household products as Full Cycle EDI, which should give brokers a more effective method of managing their household insurance business with AXA.

ABC insurance is a buildings and contents policy created for the average homeowner and offering a number of additional features such as Family Legal Protection and Home Assistance.

Exclusive insurance is aimed at higher value homes and contents customers. It provides all risks cover worldwide and identity theft cover.

According to general manager of Personal Lines Intermediary at AXA, Mike Keating, Insurecom has more than 700 users and the move will broaden the group’s distribution of its two most popular products.

Friends Provident is the latest insurance provider to join Paradigm Mortgage Services’ dual protection panel.

The insurance company’s range of protection products will be available on Paradigm’s preferred whole of market and limited panels.

Products on offer will inlcude level term assurance, home buyer protection and income protection as well as deals providing cash sums, benefits and life cover.

Chief executive of Paradigm, Bob Hunt, says: ‘The addition of Friends Provident to our dual protection panel offers brokers a number of additional services including eSelect, its interactive online system.’

Legal & General’s Trust which was launched on the 30th April last year has a good first year.

The Dynamic Bond Trust’s approach is based on flexibility and unconstrained investment, and utilises the UCITS III investment powers.

Ben Waterhouse, Legal & General’s sales director, is very pleased with the Trust’s initial year, describing the last 12 months as a turbulent time for fixed income markets.

The sales director added that despite the difficult conditions, Dickie Hodges, the fund’s manager, has both managed risk and generated alpha effectively.

A leading insurance company has revealed a new income protection product designed to replace mortgage payment protection insurance.

The income protection product, pays out until the policyholder goes back to work, the plan term ends or the policyholder dies.

It offers cover for accident, sickness and unemployment, with level mortgage payment protection and the choice of level or index-linked living expenses protection. The policyholder can claim as often as necessary.

Their head of protection, says:

‘Based on extensive research, we saw that the market needed a more flexible product that could be tailored to their client’s individual needs and that was easy to understand. We believe this will stimulate the market at a time when advisers really need quality protection products to satisfy their clients’ needs as well as supplement their income.’

According to one report in The Times Online, people are taking out more insurance policies due to the credit crunch. 

As the credit crunch continues to unfold, one of the biggest worries for many people is that they may not be able to pay their mortgage, or if they lose their job or are unable to work because of illness or accident.

Such anxieties are on the increase because of the economic uncertainty being confirmed by insurance broker Lifesearch, who have recorded a noticeable rise recently in sales of policies designed to safeguard people’s finances.

They suggest that sales of policies such as income protection, unemployment and critical illness cover tend to boom when other markets suffer.

Christophe Tamet has been named Legal & General’s new head of credit.

Earlier in his career Tamet worked within the chief investment officer of JP Morgan Chase as credit chief.

In his new role he will be directly responsible for Roger Bartley, L&G’s active fixed income chief.

The insurance firm has made the appointment to bolster the fixed income team, following a confident performance over the course of the last year and a half.

Bartley has welcomed the presence of Tamet’s and that it was a strong indicator that L&G was committed to improving the fixed income team.

Peter Graham has been named as Legal & General’s new managing director of their general insurance business.

Mr.Graham brings 15 years of insurance industry experience to the position, and during his career has served with both esure and Towergate as an executive.

He first joined the firm on 25 March 2008, and is based in Legal & General’s Birmingham office.