LV= has extended its payment holiday options for customers unable to pay premiums until April 2021.
The protection specialist added payment breaks in April 2020 across its income protection, critical illness, life insurance and business protection policies.
Moreover, an estimated total of £25,000 worth of premiums have been waived for 160 members.
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Data collected by LV= Wealth and Wellbeing Monitor outlined that 20% of participants have seen their income fall over the last three months, and 22% predict that there finances will worsen over the following three months.
In order to be eligible for the payment holiday a member must have a policy that has been in place for 12 months or more, a good history of premium payment, less than three months of arrears and suffered a significant drop to their income.
An alternative option available to members who may not qualify for the payment holiday is a payment reduction.
LV= outlined that the level of cover and premium can be adjusted over a six-month period.
Debbie Kennedy, protection director at LV=, said: “As the coronavirus crisis continues, we will constantly review our payment break option and other initiatives to ensure that LV= members are supported during this turbulent time.
“LV= were the first to offer payment holidays in the protection market, recognising that the effects of the pandemic could impact people in many ways.
“It is important that those opting for a payment break should still retain their level of cover during this time, allowing them to fall back on support services that we offer should they need it.”