For our Friday Focus this week, Mike Farrell, Protection Sales & Marketing Director at LV=, explains why protection solutions, including often-overlooked products like Critical Illness cover, are becoming an essential part of financial planning. He also highlights emerging trends in child-related claims and how flexible, modular protection products are evolving to meet the changing needs of families and individuals alike.
Financial resilience means being prepared for income shocks from unexpected events, and protection plays a vital role in this.
When considering holistic financial planning, we like to bring our menu of products into the heart of protection conversations, and one product which can get overlooked is Critical Illness. However, we believe it is an integral piece of holistic financial planning.
Following the introduction of Consumer Duty, we are seeing more advisers viewing protection conversations as the cornerstone of financial advice. Advisers are using tools like the LV= Risk Reality Calculator to highlight the likelihood of critical illness events and to helping guide clients in protecting their financial futures.
Recently, we’ve also observed a notable increase in child-related claims, which may reflect the impact of LV’s family-friendly policies. Children’s Cover, available from birth to age 23, offers valuable peace of mind for growing families. Tailored benefits, including the LV= Cancer Support Payment and Enhanced Claim Payments, provide meaningful, occupation-sensitive support beyond the core policy.
The future of protection lies in flexible, modular cover with clear, simple language to meet evolving customer needs.
