LV= has extended its payment break and premium/cover reduction options until 31 December for protection policyholders to allow financially vulnerable clients to maintain cover if they suffer financial difficulties.

The payment break and premium/cover reduction options are available for a maximum of six months. Eligible customers who chose to use the support in December can benefit up to June 2022.

While customers use the payment break their policy and cover remain in place. They are offered one month at a time for up to six months with no requirement for premiums to be repaid.

The premium and cover reduction option allows customers to reduce their monthly premium by decreasing their cover, for a period of six months. After the six months ends LV= automatically increases the amount back to the original cover.

Since it was introduced in April 2020, around 350 customers have used either the payment break or premium/cover reduction with 9 in 10 of these clients retaining their cover once the option ends.

The options are available for qualifying existing consumers with LV= protection policies.