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

The dynamics and make up of families and working lives are diverse and ever changing, and so are their protection needs. We believe that income remains the bedrock for stronger financial resilience and living with confidence – it does pay for everything – and that protecting income should form the foundation of any financial plan.

Nobody knows or does ‘protecting income’ better – we have a strong heritage of IP expertise, a track record of innovation and are considered by many as leaders in the IP market. To help advisers help their clients, we offer an extensive range of income protection solutions, options and benefits for all, including

  • both traditional IP for lower risk workers and Personal Sick Pay, which is designed for higher risk workers and those in occupations more difficult or expensive to insure. We are the only provider to offer both within one menu
  • a wide choice of full and limited claim periods, waiting periods, level and inflation linked cover and terms. Plus straightforward maximum benefits levels and benefit guarantees.
  • unique features and benefits designed to support specific clients groups, including medical professionals, teachers, renters and the self-employed – as standard and at no extra cost.
  • emotional and practical support from day one, with LV= Doctor Services and LV= member benefits.

We recognise that a claim might have immediate and longer term work, lifestyle and family implications – we can help with early intervention and back to work support and treatment strategies to help people get their lives back on track.

Our Family Income Benefit offers simple and affordable life cover, to help with bills and outgoings after a parent or partner passes away. This and our IP solutions all form part of our Flexible Protection Plan, helping advisers to easily design a comprehensive protecting income solution specifically for their client and family and their life journey.

Options for many different client profiles

Roll your mouse over or touch an image to find out more

Teachers Sick Pay Matching

For school teachers, advisers can select a 12 month deferred period and LV= will automatically match their sick pay scheme (only available on income protection).

NHS Sick Pay Matching

For doctors, surgeons and dentists, advisers can select a 12 month deferred period and LV= will automatically match the NHS sick pay scheme (only available on income protection).

Parent & Child Cover

This feature unique to LV=, provides pays a lump sum if the life assured’s child is diagnosed with a specific illness or undergoes a specific operation. This covers 54 conditions in total. (only available on income protection)

Premium holiday if unemployed

LV= will pay premiums for up to 6 months if the client becomes involuntarily unemployed, including those who become a carer and are receiving carer’s allowance (only available on income protection). 

Rental Increase Options

Clients can increase their benefit without further underwriting if their rent increases due to moving home or their landlord increasing their rent (only available on income protection).

Pay my Mortgage

At claim, LV= will give clients the option for them to pay their mortgage lender directly and as such avoid any potential conflict with the amount of Universal Credit they might be able to receive.

Riskier Occupations

Personal Sick Pay is aimed at those working in higher risk occupations who can be more expensive to insure, such as tradespeople, nurses, electricians and construction workers.

Low Cost Options

As well as full term benefit periods, LV= offer a choice of short term benefit period options including 12 or 24 month benefit periods for income protection and 24 month benefit period for Personal Sick Pay.

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Protecting income in life & death

The bills don’t stop; advisers can add FIB alongside IP, to ensure ongoing income after parent or partner passes away

Helping clients get back to work faster

Income protection plans offer far more than just financial support. Most plans in the market will now offer various services aimed at helping a client return to work faster than they might otherwise have been able. LV= are no different and offer rehabilitation services that cover both physical and mental illness. 

Physical rehabilitation

LV= are able to offer clients with access to occupational therapy, physiotherapy and complimentary therapies depending on their situation and without the need for a GP referal. 

These services can be offered at any point of the contract regardless of whether a claim has been submitted without the client incuring any additional costs. LV= have a dedicated in house rehabilitation team who can work closely with their claims department to ensure the most appropriate treatment is provided and if particular expertise are not available LV= can source services from a third party supplier. 

Mental Rehabilitation

LV= can provide clients with a range of counselling services either through their Member Care Line or Doctor Services app. 

Clients are able to access Cognitive Behavioural Therapy, Cognitive Analytical therapy, Phobia Therapy or Trauma Focused Therapy depending on their particularl need. These services can e accessed either face to face, via telephone or video conference and the full costs of the services are covered by LV=

LV= helped 350 clients return to work through their rehabilitation services in 2019

Supporting clients from day 1

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)

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 and at any time during the policy lifespan regardless of whether a claim has been made or not

These services fit within the LV= Flexible Protection Plan providing clients with cover for a wide range of scenarios, including protecting income and supporting the policyholder and their family through illness, death and everyday life.

Claims Statistics 2019

LV= claims statistics highlight the different client profiles suited for their income protection and personal sick pay propositions. As can be seen from the most common cause of claims the majority of claims for income protection are for conditions that may have longer term symptoms whereas a large proportion of claims for Personal Sick Pay are for conditions where symptoms may not be expected to last as long. This reflects the shorter deferred period options within Personal Sick Pay.

LV= paid 93% of income protection claims in 2019 (including PSP claims)

Income Protection
Personal Sick Pay
Total value of claims paid
£14.2m
£2.8m
Number of families supported
1,000
1,162
Top cause of claims
Mental Health (29%)
Musculoskeletal (46%)
Second biggest cause of claims
Musculoskeletal (25%)
Accidents (17%)
Third biggest cause of claims
Cancer (15%)
Virus (11%)

The main claim statistics tell part of the story, however there are many other benefits within income protection plans that clients can claim on. Whilst some of these may provide a financial benefit, others provide something more personal by supporting the client either physically or mentally at their time of need. 

 

Amount paid in fracture cover claims
£27,200
Amount paid in death benefits
£30,000
Number of calls made to Member Care Line
1,086
Number of Green Heart Experiences delivered
200

LV=’s Green Heart initiative provides gestures of support when it’s needed the most but expected the least. This includes hampers, vouchers, children’s gifts and financial support to cover hospital parking, flowers and more. Their claim team embrace Green Heart Support and make it part of their everyday, recognising when they can step in and make someone’s day just a little brighter.

Areas for improvement

  • Currently do not offer an family income benefit with critical illness
  • The minimum benefit guarantee requires the client to be working a minimum of 25 hours per week (30 hours for Personal Sick Pay) if employed. This is relatively high with many others only requiring 16-20 hours worked per week.
  • Will only waive the deferred period if the client is unable to work due to the same condition up to six months after the client has returned to work. Many other insurers extend this to 12 months. 

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.