LV= ha extended its payment break and premium and cover reduction options until 31 December 2020.

The original payment break and reductions were introduced in April 2020 as a reaction to many people finding themselves in financial difficulties through Covid-19.

The protection provider says that 350 clients have benefited from the scheme, with the majority retaining cover after the option ends.

The breaks are offered a month at a time for up to six months, meaning that people who apply in December could benefit until June 2022.

Qualifying existing customers will need to discuss their case with LV= staff, which the firm says have been specially trained, before a break or reduction is considered.

LV= protection director Debbie Kennedy says: “We were the first to introduce a payment break of this type, and have kept this and our premium reduction option under constant review throughout the pandemic, ensuring wherever possible, that policyholders have access to the support they need and are able to keep their valuable existing cover in place.

“This extension until the end of 2021, with support up to mid-2022, is well-timed and can assist those who are self-employed or currently on furlough, providing an additional safety net and peace of mind beyond the end of September when the government schemes are set to end.”