Insurer to offer sick pay cover
LV has become the first major insurer to offer simplified sick pay insurance.
The new product is aimed at people aged 17 to 45 who are less likely to have chronic long-term illness requiring lots of time off work than older workers. Customers can choose a fixed amount of cover between £500 and £1,000 per month, and the insurance can be set up online in a few minutes.
Once someone has been unable to work for four weeks, sick pay insurance can pay out for up to a total of 12 months, and multiple claims can be made, even for the same condition.
"We insure our pets, home and even our mobile phones, but not the one thing that pays for everything else – our income," Mark Jones, of LV, said.
"We are trying to raise awareness of the importance of people protecting their income."