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NEW BUSINESS

protection.admin@lv.com

Phone – 0800 028 6333

Opening times: 9am-6pm

(Monday to Friday)

CLAIMS

healthclaims@lv.com

Phone – 0800 756 5869

Opening times: 9am-5pm

(Monday to Friday)

EXISTING BUSINESS

ebprotection@lv.com

Phone – 0800 678 1906

Opening times: 9am-6pm

(Monday to Friday)

UNDERWRITING

pre.underwriting@lv.com

Phone – 0800 678 1893

Opening times: 9am-5pm

(Monday to Friday)

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. Our ambition is to broaden access to the protection market and be more inclusive for those customers who need protection the most. That’s why we’re focussed on building propositions that are tailored to specific client groups, creating journeys that make it easy to do business with us and promoting the value of quality advice.

Modern families are diverse and ever changing, and so are their protection needs. We believe that protection requires more than a single insurance policy and more than just a financial safety net. With an LV= Flexible Protection Plan you can protect your client’s income and support their family through illness, death and everyday life.

Our comprehensive plan offers quality cover for the whole family, protecting them financially. It also offers additional services to support them emotionally and practically in the moments that matter. And, we understand that all your clients are unique, that’s why we include flexible options, allowing you to tailor the plan to their protection needs, budget and lifestyle as well as adapt their cover throughout their life.”

Personal Protection Options

Your clients face multiple risks in their lifetime, so you’ll probably recommend more than just one protection policy to ensure their financial risks are fully protected. LV= offer a range of protection solutions within their menu plan.

What’s New from lv=?

Income is the foundation for living with financial confidence and resilience. LV= offer an extensive range of income protection solutions and are continuously developing these solutions.

Using ideas and feedback from advisers and distributers, they’ve developed new products to help you protect more clients. Introducing two new protection solutions from an award-winning IP provider – Mortgage and Rent Cover and Executive Income Protection.

Mortgage and Rent Cover

Mortgage and Rent Cover is an outgoings based protection solution that protects your clients monthly mortgage or rental payments. The new product can help you protect more clients where traditional income protection wouldn’t always be suitable.

It’s ideal for clients with irregular earnings who may struggle to prove their income or hours worked. It’s also a great option for your clients who are just starting out and getting on, or trying to get on the property ladder.

What makes Mortgage and Rent Cover Different?

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No Financial Underwriting

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Certainty at point of claim

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Affordable Cover & valuable benefits

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. Executive Income Protection is available as part of the LV= Business Protection menu plan.

Why should you consider LV= Executive Income Protection for your business clients?

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may provide tax efficiencies

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high maximum benefit

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Valuable everyday benefits

KEY BENEFITS OF LV=’S PERSONAL PROTECTION PRODUCTS

Life Insurance
  • Wide range of Guaranteed Increase 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
Critical Illness Insurance
  • 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
  • £1,000 cost of cancer diagnosis 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 event
  • 0-day survival period for children’s critical illness
  • Children’s conversion option allowing the life assured’s child to take out a policy of their own without underwriting when they’re no longer covered by their parents’ policy
Income Protection Insurance
  • Provide options for low risk occupations (Income Protection), higher risk occupations (Personal Sick Pay) and cover for mortgage or rental payments with no financial underwriting (Mortgage and Rent Cover)
  • 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, dentists and teachers
  • Parent and 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 unemployed
  • 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.

LV= DOCTOR SERVICES

LV= are there for clients when they need them most and through everyday life. Your clients have access to 6 expert medical advice services – all accessible via their app or by phone, wherever they are:

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Remote GP 24/7

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Prescription services

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Second Opinion

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Remote Physiotherapy

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Remote Psychological Support

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Discounted Health MOTs

LV= MEMBER CARE LINE

The LV= Member Care Line ensures your client and their family have access to valuable day-to-day support 24/7 and free of charge:

  • Health advice from qualified doctors and nurses
  • Lifestyle support for general health and wellbeing
  • Counselling from qualified counsellors for in the moment support
  • 16-23 mental health helpline providing dedicated support for young adults

Claims Statistics 

Life Protection
Critical Illness
Income Protection
Personal Sick Pay
Percentage of claims paid
99%
92%
93%
N/A*
Total value of claims paid
£71.9m
£28.3m
£14.6m
£2.7m
Average payment
£11,265
£77,135
£8,165 p.a.
£1,599 p.a.
Highest payment
£850,000
£500,000
£337,929 p.a.
£16,824 p.a.
Average time policies were in force
9 years 1 month
8 years
8 years 10 months
3 years 1 month

 

*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.

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