LV= has joined the protection industry’s rate battle by slashing around 90 per cent of its term assurance premium rates.
The rate cut follows LV=’s claim that it is the first provider in the intermediary market to have no standard exclusions on life assurance, critical illness and income protection.
Tesco has also joined the rate war, announcing it will give the equivalent of three months’ free cover to new customers buying life insurance between June 20 and August 14.
LV= is offering a male non-smoker, aged 40 years next birthday, with a 20-year term a 5.1 per cent reduction on a level term assurance policy and a fall of 6.2 per cent on a decreasing term assurance policy for a sum assured of £100,000.
LV= head of intermediary marketing strategy Justin Harper says: “In the fast moving life protection market we know how important regular rate reviews are. But we recognise that advisers want far more from a protection provider than just a decent price.
“We are committed to making the life of the adviser easier and clearly demonstrate this with our highly-regarded straight through processing and tele-underwriting services for our mimi protection plan.”
Tesco Life Insurance head Jeremy Sutton says: “We are committed to giving our customers great value life insurance and wanted to offer them something back on a type of product which they would usually only receive a benefit from in the most tragic circumstances.”