INSURANCE customers are set to get £100 cash for free if they back a plan for their firm to be bought by another company.
LV= will pay out the money if consumers vote to approve its purchase by an American business.
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LV= is urging policyholders to vote through the takeover bid by US private equity firm Bain Capital.
If the deal is passed, 1.16million members will receive £100 and will continue to be covered by LV=’s insurance policies.
Additionally, 271,000 customers will benefit from a £101million top up to an investment fund.
Those are people with a with-profits policy – a long-term investment where insurance premiums are pooled together in a fund and invested.
Policyholders then receive bonuses that reflect the performance of the investments as well as extra cash at the discretion of the company’s board.
If the takeover deal is approved, they’ll get an extra pay out of between £52 and £630 when their insurance cover ends.
The amount they’ll get depends on how much their policy cost and the number of years they were covered.
Customers have been sent a letter urging them to back the takeover plan at the vote on December 10, as the company believes it is the “best possible outcome” for the firm.
How can I claim the £100 payment?
Customers will only get the free cash if the Bain Capital deal is approved.
If you’re a member, you should have received an information pack via email or post by November 18.
That will tell you everything you need to know about how to take part in the vote.
If you’re an LV= member, but you haven’t received the details and still want to vote you can do this online.
Customers who took out a member-qualifying life or pensions product before March 1 2021 will be eligible to receive the bonus.
The payment will be made by cheque and LV= said it hopes to send those out shortly after October 1 2022 – if the deal is approved.
Brits have been warned to check their insurance bills or risk paying £450 next year.
If you’re a driver, don’t make a defrosting mistake that could invalidate your car insurance.
Last month, we advised drivers renew their insurance exactly 20 days before the expiry date – it could save you an average £306.
Martin Lewis tells drivers how to save up to £500 on car insurance
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This post first appeared on thesun.co.uk
