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LV= maintains payment break option to support vulnerable customers

  • Introduced in April 2020, payment breaks enable financially vulnerable members to maintain cover if they were experiencing financial difficulties 
  • Now permanently open to vulnerable customers, eligible members unable to pay their premiums can apply for a maximum of three months
  • 93% of members that were granted a payment break were self-employed 

Protection specialist LV= is to continue offering its payment break option permanently to maintain support for vulnerable customers. 

Initially launched during the coronavirus pandemic to help LV= members facing financial difficulties, the payment break enables vulnerable members with protection policies to stop paying premiums for a limited period without losing cover.

Payment breaks are offered a month at a time, for up to three months with no requirement for premiums to be repaid. Existing members that qualify can still make a claim in the usual way, as their cover will remain in place in line with the terms and conditions of their policy.

LV= staff are available to talk with members to understand their situation, signpost existing options and services available through their existing policy  before considering any payment break.

Since April 2020, more than 300 customers have benefited from the Payment Break option. Self-employed workers account for the majority of eligible members (93%), who would have no state benefit support or no other employee benefits if they were unable to work due to illness or injury.

The LV= Wealth and Wellbeing Monitor* - a quarterly survey of 4,000+ UK adults– reveals:

  • Almost half of self-employed people (47%) said their financial situation had worsened in the past three months
  • 30% would describe themselves as struggling financially, as 44% have worried about money in the last three months 
  • One in five self-employed people (20%) have asked a mortgage provider, insurance provider or bank for flexibility in the past three months compared to 4% of all consumers

“LV= payment breaks were developed with vulnerable customers in mind, allowing us to step in quickly at the height of the pandemic to assist those facing financial difficulties. It is crucial in times of financial hardship that policyholders continue to have access to the support they need and are able to keep their valuable existing cover in place, which we’re able to provide through our Payment Break option. 

We continue to embed vulnerable customer considerations into our culture, practices and processes, ensuring we support advisers and their more vulnerable clients. This is even more relevant as we see many households across the UK struggling to contend with increasing costs for their food, energy and fuel. The extension of our Payment Break is a tangible example of translating those considerations into meaningful action for our members.”

Justin HarperPropositions and Marketing Director at LV=

LV= provides a wide range of emotional, practical and financial options and services – at no extra cost - to help policyholders and their families deal with challenging everyday  situations, including: 

LV= Doctor Services (included as standard on all protection policies) with access to six expert medical services available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions. 

LV= Member Care Line (included as standard on all protection policies) provides free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis

LV= Member Counselling Line provides free day-to-day support for dependants age 16-23, while a  Legal Advice Line can provides free and confidential legal advice on a range of personal legal matters such as those relating to employment, consumer contracts, property issues, motoring, landlord and tenant, family and wills and probate.


* LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in December 2021.