LV= Income Protection Showcase Page
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LV= IN THEIR OWN WORDS
LV= believe that protecting income is the foundation of financial resilience. Without an income, most people would struggle to maintain their lifestyle, leaving them and their families vulnerable if they’re unable to work due to illness or injury.
Known for being an award-winning and leading specialist in Income Protection, LV= are even easier to recommend to your clients. With a range of products that protect your clients’ income, you can tailor your recommendations by age, lifestyle, budget and occupation.
Benefits of LV’s Income Protection Solutions
Included at no extra cost
Parent and child cover, death benefit, fracture cover and rehab support services are all included in the cost of the Income Protection policy, unlike most other providers. Parent and child cover pays a lump sum payment which is 6 times your client's monthly cover – up to a maximum payment of £25,000
Non-medical limits
LV= offer some of the highest non-medical underwriting limits for Income Protection.
Exclusion review periods
Depending on client circumstances, LV= offer cover with an exclusion review period – automatically. The exclusion will be applied for a limited time, and they’ll remove it at your request if your client suffers no further symptoms.
LV= Doctors Services
Access to 6 expert medical services including unlimited remote GP appointments offered 24/7. Available to the policyholder, their partner/spouse and children under 16 from day 1 of the policy. Includes mental health support and physiotherapy.
Legal Advice Line
Access to a free legal helpline for expert support on legal issues.
Underwriting expertise
They aim to always offer the most appropriate underwriting decision as quickly as possible. In 2022, nearly 70% of Income Protection and Personal Sick Pay customers received an immediate online decision.
Learn more about LV’s Income Protection Solutions
Income Protection
LV’s Income Protection covers clients in less risky occupations (for example, office workers) who want to protect their own income. It pays up to 60% of their income – up until they’re able to get back to work or their claim period ends.
There are options for a range of different features including those specialist ones for teachers, doctors, dentists and surgeons.
- Parent & Child Cover
- Fracture Cover
- Death Benefit
- Rehab Support Services
- £1,500 benefit guarantee
- Unemployment payment holiday
- NHS sick pay guarantee
- £3,000 benefit guarantee
- Teachers sick pay guarantee
This feature pays 6x the monthly cover amount up to £25,000 if a client’s child is diagnosed with a serious illness, providing parents with peace of mind at a time it’s needed the most.
If your client is diagnosed with a specific bone fracture, LV= will pay a lump sum of up to £2,200, paid in addition to any claim made.
LV= will pay a fixed lump sum if the policyholder dies before the end of their policy. They will pay £5,000 if they die within four years of the policy start date, or, £10,000 for four or more years after the policy start date.
Supports your client as soon as they’re unable to work, from as early as the waiting period, to aid their recovery before symptoms get worse.
LV= automatically include a £1,500 benefit guarantee which guarantees that either the benefit amount or £1,500 (whichever is less) will be paid at point of claim regardless of the level of income the client is earning pre-incapacity (the client must be working).
LV= will pay your clients premiums for up to 6 months if they become involuntarily unemployed.
As long as your client chooses a 12 month waiting period, we’ll pay out to fit alongside their sick pay arrangements. This applies to dentists, doctors and surgeons where their employers have adopted the NHS sick pay arrangements.
LV= offer a £3,000 benefit guarantee to protect doctors and surgeons from a drop in income. It’s available to those who are licensed and registered to practice in the UK.
Pays out alongside your client’s sick pay arrangements, providing it matches one of our recognised arrangements.
Find out more about LV’s Income Protection features
Personal Sick Pay
Some clients in riskier jobs – like tradespeople, nurses and electricians – can be more expensive to insure, and need tailored cover. The LV= specialist age-costed Personal Sick Pay offers Income Protection aimed specifically to these clients.
It’s built with a range of features, with these types of client’s in mind:
£1,000 guarantee
LV= will pay your client either £1,000 a month or their amount of cover – whichever is lower. The guarantee is automatically included at no added cost.
Automatic exclusion review periods
To remove exclusions upon request if your client suffers no further symptoms.
Back to work support
Offering specialist rehab support and advice when LV= are paying a claim.
Day one option
your clients can be paid from the first day they stopped working. Useful for those who don’t get employer sick pay. Your client will also be able to choose from: 1, 4, 8, 13, 26 or 52 week options.
Find out more about Personal Sick Pay features
Executive Income Protection
Through LV= Executive Income Protection you can help provide business owners and their people with financial security and valuable everyday support. Designed with smaller businesses in mind, the policy can help cover the cost of providing sick pay to employees. Available as part of the LV= Business Protection menu plan.
- Covers up to 80% of the employee’s earnings plus the employer’s National Insurance and pension contributions (maximum levels apply).
- Usually counts as a tax-deductible expense for the employer.
- More tax efficient than personal Income Protection cover for the employee.
Find out more about Executive Income Protection features
Tools to support your client conversations
Risk reality calculator
Provides a personalised report showing the likelihood of income shocks, serious illness and death, so you can talk your client through the real risks they face, creating the need for a menu of protection.
Income Shortfall Calculator
shows how much income your client could lose if they were unable to work and how much of it you could protect with LV= Income Protection.
Budget Planners
to capture your client’s outgoings and compare them to the current state benefits they could receive to help you handle objections.
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.
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