Income Protection

How could your client survive if they were unable to work because of ill health or an accident?
Help your clients protect their family with Income Protection from LV=.

Recommend LV= Income Protection and your clients will get a regular income if they’re unable to work due to long term sickness or accident.

They’ll get a monthly income for as long as they need it (or until the policy ends, whichever is sooner); which means they won’t have to rely on their savings, state benefits or statutory sick pay.

Cover options

Single life only, but they can have Income Protection for another life in the same plan.
Level or inflation-linked cover
Guaranteed or reviewable premiums
Optional Waiver of Premium

Great features

£1,500 benefit guarantee

At LV= we understand that your client's income can go up and down. If it goes down, then when your client comes to claim, it's possible they may be earning less than when they applied for their cover.

If this happens, then the cover you recommend might work out to be more than the maximum 55% of the income allowed. In the past we would have reduced your client’s benefit to this limit.

When your clients claim, we guarantee that no matter what your client's income is, we'll give them at least £1,500 a month (or if they chose cover of less than £1,500 then the amount they chose).

Terms and Conditions

To qualify for the guarantee, your client must have been working for at least 16 hours a week if self-employed and at 25 hours a week if employed, at the time they became unable to work due to accident or ill health. We would deduct any other sources of income (for example, sick pay or other insurance) from the guaranteed amount, excluding state benefits. Any amount above £1,500 would be subject to the usual restrictions explained in section B5 of the Policy Conditions.

Generous salary limits

We allow your clients to select cover up to 55% of their income before tax (55% net profit for your clients who are self-employed calculated at the average net profit over three years or available period if less that this).

For example:

Client A

Gross Annual Salary = £30,000
Net Annual Salary = £22,933
Maximum Benefit = £16,500

This equates to 72% of their net salary.

Client B

Gross Annual Salary = 60,000
Net Annual Salary = £41,581
Maximum Benefit = £33,000

This equates to 79% of their net salary.

Fairer approach to indexation

Our inflation-linked cover is priced in a way we believe is the fairest, simplest way for your client. We simply increase the premium and cover by the rate of inflation each year (using the Retail Prices Index).

Guaranteed Increase Options (GIOs)

Your client can increase the amount of cover (without medical underwriting) within certain limits if they:

experience a significant increase in salary of 20% or more , we'll allow them to increase their annual level of cover by up to £20,000*
increase their mortgage as a result of moving house or home improvement
get married or enter a civil partnership,
have or legally adopt a child
or their basic salary increases by more than 10%

* Can only be exercised once during the term of the policy.

Own occupation cover

We provide ‘own occupation’ cover for many of your clients. This is the best definition of incapacity, paying out when they can’t do their own job, not ‘any’ or any ‘suited’ job.

No standard exclusions

Because we have no standard exclusions – your client will benefit from one of the most comprehensive income protection plans in the market.

The LV= difference

We're confident that your client will be getting a high quality product if you recommend us. If you're still not convinced, find out more about the other great features including:

over to age 70 for the majority of occupations
a choice of waiting periods
budget option to suit your client's pocket
career break option
overseas cover
flexibility if your client changes their occupation
back to work support
free added member benefits

The LV= difference

Important things you should know

Please bear in mind that this protection plan has no cash-in value at any time.
If your client stops paying your premiums, their cover may cease.
If your client chooses level cover, it is fixed when your plan starts, and doesn’t change. This means it won’t keep up with inflation and is likely to buy less in the future.