Is the premium guaranteed?
Yes, the premium is guaranteed for the term of the plan. There are no premium reviews or increases, no matter how many claims are made. Where inflation-linked cover is chosen (only available for Living Expenses Protection), the premium and cover increase each year in line with increases in the Retail Prices Index. If you choose unemployment cover, the premium you pay includes Insurance Premium Tax. If the government change the rate of insurance premium tax, then the premium you pay may also change.
There was a change in the insurance premium tax on the 1 November 2015, taking it from 6% to 9.5%. For more information visit gov.uk/government/publications. All affected LV= customers were informed by letter of this change. If you did not receive a letter please contact us, as we may not have your updated address details.