Adviser website – https://www.lv.com/adviser

Quotes and questions: 0800 678 1890
(Lines open 9am – 5pm Monday to Friday)

Application status/Underwriting/Commission questions: 0800 028 6333
(Lines open from 9am – 6pm Monday to Friday)

Post sale policy servicing: 0800 678 1906
(Lines open 9am – 6pm Monday to Friday)

Claims – 0800 756 5869   Email
(Lines open 9am – 5pm Monday to Friday)

Pre-underwriting tool – click here

Protection Progress Hub – click here

Protection Guru has worked with LV= to create a concise objective analysis of their product range.

LV= in their own words

At LV=, we have a strong heritage of protecting not only lives, but livelihoods.  Established in 1843, we’re a modern mutual with an ambition to broaden access to the protection market and be more inclusive for those customers who need protection the most. We’re in it for the long haul and we do the right thing.

The dynamics and make up of families are diverse and ever changing, and so are their protection needs. We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net. That’s why we’re building propositions that are tailored to client groups, creating customer and adviser journeys that make it easy to do business with us, and why we’re promoting the need for and value of quality advice.

Income is the foundation for living with financial confidence and resilience. Nobody knows or does ‘protecting income’ better.  We offer an extensive range of income protection solutions, including Personal Sick Pay designed to offer affordable protection for those in occupations that can be more difficult to insure, and unique benefits that address specific consumer segment needs and reflect modern day living.

We recently extended our Critical Illness Cover and revamped our Family Income Benefit. These offer more cover and support for new, growing and established families – with child-specific critical illness cover, support for expectant mothers – and provision of an income after a parent or partner passes away.

LV= protection goes beyond the financial, with the daily difference of emotional and practical support from day one, including LV= Doctor Services and LV= member benefits. We’re here for advisers, clients and members every day, and in the moments that matter most.

All form part of our Flexible Protection Plan – our ‘menu’ proposition; enabling advisers to easily design an all-round quality financial protection solution tailored to the unique needs of their client and family and their life journey.

Personal Protection Options

Personal Protection Options
Life
Critical Illness
Enhanced Children’s Cover
Family Income Benefit
Income Protection
Personal Sick Pay
Flexible Protection Plan
Y
Y
Y
Y
Y
Y

 

Key Benefits

Life
Critical Illness
Income Protection

 

  • Wide range of Guaranteed Insurability Options (including rental increases) which are also available on cases with a rating of up to +200%
  • Separation option for joint life cases if the lives assured divorce/dissolve a civil partnership
  • An optional £10,000 advanced payment offered which will be paid within 24 hours on notification of death
  • No limit on the length of time a client can spend overseas
  • Available on a Family Income Benefit basis
  • Comprehensive cover offered as standard for the life assured
  • Offer optional Enhanced Children’s cover which provides additional cover for a range of child specific illnesses
  • Cancer payment of £1,000 paid to any client meeting a cancer definition
  • will pay 50% of the sum assured up to a maximum of £30,000 for additional payment conditions
  • Will double the amount of cover up maximum of £200,000 for certain conditions if diagnosed at a young age or caused by an accident or major organ events
  • 0 day survival period for childrens critical illness
  • Children’s conversion option allowing the life assured’s child to take out a policy of their own without underwriting when they are no longer covered by their parents’ policy
  • Wide range of Guaranteed Insurability Options (including rental increases) which are also available on cases with a rating of up to +200%
  • Provide options for low risk occupations (Income Protection) and higher risk occupations (Personal Sick Pay)
  • Covers up to 60% of the life assured’s income
  • Low cost options available providing a short term benefit payment period of 12 (income Protection) or 24 months (income protection and Personal Sick Pay)
  • Bespoke offering for doctors, surgeons, nurses and teachers
  • Parent & Child cover provides the life assured with a lump sum payment if their child suffers a specific illness or undergoes a specific operation (Income Protection only)
  • Fracture cover included at no additional cost (Income Protection Only)
  • Can waiver premiums for up to 6 months if the client is involuntarily made redundant
  • Up to £10,000 paid on death

 

In addition to these key benefits, LV= offer access to their their 24/7 Member Care line, plus the LV= Doctor Services app including remote GP, Second Medical Opinion, Mental Health Support and Physiotherapy on all policies.

Solutions for all scenarios

The recent introduction of LV=’s Enhanced Children’s critical illness and family income benefit options provides advisers with a well rounded series of benefits that can be used to cover most client scenarios. 

When protecting a clients income in the event of ill health, LV= offer both full term and limited payment income protection options. For those with less risky occupations the income protection plan may be more suitable, whereas those with higher risk occupations may be more suited to the Personal Sick Pay Plan.

When protecting against death, LV= offer a lump sum and income option within the Flexible Protection Plan, with Life Insurance and Family Income benefit propositions respectively.

Lastly if a client wants to be protected in the event of critical illness, then this is available within their Flexible Protection Plan (although not on a family income benefit basis). Where protecting children is particularly important then clients have the option of their standard child cover or their Enhanced Children’s cover. 

Supporting advisers & their clients through COVID-19

The COVID-19 pandemic has been a difficult time for the country. As none of us have ever been through anything quite like this it has been a case of learning as you go. The protection industry as a whole has been on the back foot and whilst in hindsight certain moves might look overly drastic the data many insurers had to go on at the time was limited and often conflicting.

What impressed us at Protection Guru about LV=’s approach to COVID-19 was that it was very well communicated to the market and, in the whole, positive. They were one of the first insurers to start trialling virtual medicals and launched their Payment Break facility well in advance of the FCA issuing finalised guidance.

In the early days of self isolation, LV= actually paid 19 claims based on clients being required to self isolate due to medical conditions and launched a specific claims document highlighting what claims they had paid due to COVID-19. This resulted in 411 claims in the period up to 16th May. This document provided advisers with the ability to discuss the impact of COVID-19 on their protection plans and reinforce the message that if a client dies or becomes ill and unable to work due to the disease, protection plans will pay (Click here to see the full document).

The below shows a timeline of the actions LV= took throughout the COVID-19 pandemic.

LV= Doctor Services

The Doctor Services app provides clients with access to Remote GP’s, Prescription services, Second Medical Opinion, Remote Physiotherapy, Remote Psychological Services and a discounted health MOT at any point during the term of the policy whether a claim is in place or not.  

Remote GP

  • Access to a GP 24/7 to discuss health issues, medical concerns or prescriptions
  • Up to 5 appointments per year (cap removed for COVID-19)
  • Available to the life assured and their children (up to age 16)
  • Provides private prescriptions and repeat prescriptions

Second Medical Opinion

  • Access to an expert specialist selected to best match the client’s diagnosis or condition
  • Can review the diagnosis or treatment options and answer any questions the client may have on these
  • Full cost of second opinion is covered
  • Available to the life assured and their children (up to age 23)

Remote Physiotherapy

  • Access to video consultations with a physiotherapist without the need for a GP referral
  • Service includes diagnosing, treating and rehabilitating any musculoskeletal pain or injuries such as back pain, sports injuries or sprains.
  • Physiotherapist can offer advice and work with the client to develop a bespoke treatment programme.
  • Up to five consultations per annum

Mental Health Support

  • Access to face-to-face, telephone or video consultations with a qualified therapist
  • Offers Cognitive Behavioural Therapy (CBT), Cognitive Analytical Therapy (CAT), Phobia Therapy and Trauma Focused Therapy
  • Common treatment areas include; Anxiety, panic & phobia, depression, substance abuse, obsessive compulsive disorder, post-traumatic stress disorder, sleep disorders, eating disorders. 
  • Only available to the life assured
  • Up to five consultations per annum

Claims Statistics

 

Life Protection
Critical Illness
Income Protection
Personal Sick Pay
Percentage of claims paid
99%
88%
93%
N/A*
Total value of claims paid
£60.4m
£23m
£14.2m
£2.8m
Average payment
£10,747
£71,296
£7,033p.a.
£1,816p.a.
Highest payment
£584,000
£534,775
£104,609p.a.
£24,354p.a.
Average time policies were in force
8 years 2 months
7 years 6 months
7 years 5 months
2 years 8 months

*LV= do not release claims paid statistics for Personal Sick Pay

Areas for improvement

  • Do not offer critical illness on a family income benefit basis
  • Do not offer as wide a range of preventative services which can help clients lead healthier lifestyles pre claim such as help improving fitness and nutrition.
  • We would like more to be done to provide clients with access to their plan post a policy being put in force in terms of annual statements, online access to their plan details and the ability to make changes to their plan online

Protection Guru has worked with LV= to create a concise objective analysis of their product range. LV= have had input to the design of this page and contributed to the cost of this construction maintenance, however Protection Guru have maintained editorial control over the content to ensure objectivity.