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LV= launches Sick Pay Insurance

Press release: 13/06/2013

Protection specialist LV= is launching ‘Sick Pay Insurance’, a simplified income protection product, the first of its kind on the market.

Sick Pay Insurance is designed for people aged between 17 and 45 who want to protect themselves financially against being unable to work due to sickness, or an accident. People are able to buy comprehensive cover, accompanied by short and simple literature with no medical questioning. Apart from five occupations, everyone can be covered against not being able to do their ‘own’ job - the most comprehensive definition available. The cost of cover is the same for everyone, and the amount of cover people can take out is based on the number of hours they work.

People can be confident that when they claim they will receive the cover they have paid for, as no existing sick pay, insurance pay-outs, or any state benefits are taken into account. Therefore, a claim would never be reduced by LV= because someone is over-insured, as long as they were still working at least the number of hours their cover was based on.

Customers can choose a fixed amount of cover between £500 and £1000 per month, and Sick Pay Insurance can be set up online within a few minutes. Once someone has been unable to work for four weeks, Sick Pay Insurance can pay out for up to a total of 12 months, and multiple claims can be made, even for the same condition. Apart from medical conditions the customer has suffered in the last two years, there aren’t any types of accident or sickness that won’t be paid out for. Cover automatically runs until age 70, and premiums are guaranteed for the first five years. LV= cannot cancel the policy or change the terms or conditions of the cover in place at any time.

Sick Pay Insurance is aimed at those who do not traditionally seek financial advice, and are therefore unlikely to take out income protection.

Mark Jones, LV= Head of Protection, said: “There is a huge gap in the number of people who have their income protected, when it is amongst the most important and relevant thing for people to insure.

“Sick pay Insurance is a quality simple product where people can be sure that they will receive the benefit they pay for if they need to make a claim. Whether someone is single, in a relationship or has a family, if they are unable to work and earn an income most people wouldn’t be able to make ends meet for long. We insure our pets, home and even our mobile phones, but not the one thing that pays for everything else, our income. We are trying to raise awareness of the importance of people protecting their income, while giving them a very simple way of doing so.”

Full details of LV=’s sick pay insurance can be found at

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Notes to editors:

The key points of LV=’s sick pay insurance include:

• Available to UK residents aged between 17 and 45.
• Cover is based on the hours people work not the salary they earn.
• Each person pays the same price, regardless of the job they do or their medical history.
• If people work for 16 – 29 hours a week they can have £500 of cover, initially costing £10 a month.
• If people work for 30 or more hours a week they can choose from £500, £600, £700, £800, £900 or £1000 of cover, initially costing £10, £12, £14, £16, £18 and £20 per month respectively.
• If they claim we will check that they are still doing at least the number of hours of paid work that their cover is based on.
• A claim can be made after four weeks of being unable to work.
• All cover is based on not being able to do their own job, the easiest definition to claim on.
• There are only five occupations that Sick Pay Insurance can’t cover – divers, miners, professional sportspeople, fishermen and armed forces.
• Cover can pay out for a maximum of 12 months per claim. Multiple claims can be made, and even for the same illness or condition (special terms apply).
• Premiums are fixed for the first five years. After that they can go up as the customer gets older.
• While the payout is short-term, Sick Pay Insurance is a long-term contract, which can be set up between the ages of 17 – 45, and run until age 70.
• LV= cannot cancel or change the terms of cover once the policy is in force.
• Apart from medical conditions the customer has suffered in the last two years, there aren’t any types of accident or sickness that won’t be paid out for.

About LV=
LV= employs 5700 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

LV= is a registered trade mark of Liverpool Victoria Friendly Society (LVFS) and a trading style of the Liverpool Victoria group of companies, LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. . Registered address: County Gates, Bournemouth BH1 2NF.