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LV= IN THEIR OWN WORDS
At LV=, we put protecting income at the heart of our menu plan, making it easy for you to recommend the LV= Flexible Protection Plan to your clients.
Our menu plan includes a comprehensive package of products with flexible options, allowing you to tailor the plan to your clients protection needs.
Benefits of the LV= Flexible Protection Plan
- Flexible options to meet clients’ needs and budgets, allowing you to tailor the plan to their protection needs.
- Income Protection Solutions are at the heart of the LV= menu plan.
- Life and Critical Illness Cover options, supporting your clients and their families when they need it the most.
- In the moment support through LV= Doctor Services and Legal Advice Line.
- Expert and professional support from the LV= team.
Learn more about the LV= Flexible Protection Plan
Income Protection Solutions
Protecting your client’s income is the foundation of financial resilience. That’s why LV’s award-winning Income Protection Solutions are at the heart of their menu plan.
Full & budget income protection
LV= Income Protection provides comprehensive cover for families with tailored options for doctors, surgeons, dentists, teachers and renters.
It also includes a number of special features at no extra cost, including parent and child cover, death benefit, rehab support services, fracture cover and £1,500 benefit guarantee.
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
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.
Non-medical limits
LV= offer some of the highest non-medical underwriting limits for Income Protection.
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.
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Full & budget personal sick pay
Personal Sick Pay is their age-costed option aimed specifically at clients in riskier jobs – like tradespeople, nurses and electricians who can be more expensive to insure, and need tailored cover.
It also offers shorter waiting periods including day 1 and 1 week, making it ideal for those who don’t have sick pay in place and need cover to start paying out sooner.
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Critical Illness cover options
LIFE & CRITICAL ILLNESS COVER
LV’s more affordable Critical Illness option covers the conditions your client is more likely to claim on, and more. Children’s cover is not included but can be added at an additional cost.
- Covers the most commonly claimed for conditions, with 41 conditions covered in total (including optional TPD).
- 39 full payment conditions covered and 2 additional payment conditions covered for 25% of the cover (max payment of £30,000).
- Flexibility around children’s cover, which is not automatically included, but Enhanced Children’s Cover can be added for an additional cost at any point in the policy (as long as there are at least 5 years remaining). It can also be removed if it’s no longer needed.
- Enhanced accident benefit paying 50% on top of the cover (up to a max of £200,000) for 9 conditions, if they occur as the direct result of an accident.
LIFE & ENHANCED CRITICAL ILLNESS COVER
For extra peace of mind, Life and Enhanced Critical Illness Cover protects against more conditions, includes wider coverage for cancer and standard Children’s Cover at no added cost.
- 87 conditions covered in total (including optional TPD)
- 49 full payment definitions covered
- 38 additional payment conditions (20 of these conditions are covered under 1 additional payment definition – ‘Less advanced cancers’)
- 17 enhanced claim payment definitions where we’ll pay twice your client’s cover (up to £200,000 on top of their cover)
- Standard Children’s Cover included automatically with the option to take out Enhanced Children’s Cover for an additional cost.
- Extensive cover and support for cancer, including a £1,000 cost of cancer diagnosis payment
Enhanced Children’s Cover
With both Critical Illness options your client can choose to take out the cover with Enhanced Children’s Cover at an additional cost. This covers any current and future children from birth to 23 for 95 conditions (including 10 child-specific illnesses). Your client is also covered for 6 pregnancy complications.
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Life Insurance
LV= Life Protection can financially support your client’s family when the unexpected happens. It provides a one-off lump sum payment to your client’s loved ones – helping ease the upfront financial burden.
A wide range of Guaranteed insurability options
Terminal Illness
Level, increasing or decreasing cover options
Optional waiver of premium
Optional £10k advanced payment paid within 24 hours on notification of death
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Family Income Benefit
Family Income Benefit pays a monthly income which can be converted at any time during a claim to a reduced lump sum.
- Helps your client’s family keep up with their day-to-day living costs.
- Wide range of Guaranteed Increase Options (including rental increases).
- 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.
- Terminal illness benefit is included as standard throughout the term.
Includes ‘Pay My Mortgage’ facility which enables the beneficiaries of the policy, depending on their individual circumstances at the time of claiming, to have all or some of their monthly income paid directly to their lender to cover their regular mortgage payment.
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Emotional & practical support
LV= offer access to their LV= Doctor Services app and free Legal Advice Line, supporting clients from day 1 of their policy.
Doctors services
REMOTE GP 24/7
Unlimited consultations with a UK doctor to discuss any health or medical concerns, available by phone or video
PRESCRIPTION SERVICES
Get a private prescription without the need for your client to visit their local GP (this does not cover the cost of the medication only the prescription)
SECOND OPINION
Check a diagnosis and get advice on treatment options with a UK medical specialist by video or face to face consultation.
REMOTE PHYSIOTHERAPY
Get free sessions with a trained UK physiotherapist and receive a bespoke treatment plan through video consultations
REMOTE PSYCHOLOGICAL SUPPORT
Get access to free sessions of mental health support including counselling and Cognitive Behavioural Therapy from a network of highly trained therapists
DISCOUNTED HEALTH MOTS
Benefit from 25% off health MOTs – a service that provides an assessment of overall health, identifying any risk and areas of improvement
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Your clients and their partner/spouse (providing they live at the same address) will have access to these expert medical advice services – all available in a handy app or by phone, wherever they are. Your client’s children are also covered, up to age 16, for Remote GP 24/7, Prescription Services and Second Opinion, where your client is the parental guardian. For Remote Physiotherapy and Remote Psychological Support your client may be limited to five free sessions a year. This cap is shared between the policyholder and their spouse/partner.
Legal advice line
Available to your clients with a protection product only, and their family members, they can benefit from legal support through a team of legal advisers. .
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Tools and resources to help with your menu recommendations
Protection Matchmaker
Enter a few of your client’s details to understand the risks they may face in life and the LV= products and features that could best suit their protection needs based on their product target markets. This can help you bring the unique features of LV’s products into the heart of your protection conversations.
Reaching resilience report
Protection focused research that explores financial resilience among consumers. It covers how prepared UK workers are should the unexpected happen, whether these plans are realistic and the role of protection in building financial resilience.
Claims report
The LV= annual claims report demonstrates not only the financial claims LV= pay but also the everyday emotional and practical support available from day 1 of their policies.
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.
See LV’s Income Protection page