LV= uses cookies to give you the best experience online and to provide anonymised, aggregated site usage data. You can find out what cookies we use and how you can disable them in our Cookie Policy. By continuing to use our website, you agree to our use of cookies in accordance with our cookie policy unless you have disabled them.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

LV= Income Protection becomes 100% own occupation

Press release: 25/03/2014

Protection specialist LV= is to now only offer customers own occupation income protection cover [1]. LV= has stopped offering the work tasks definition of incapacity in order to simplify cover and make it easier for customers to understand and claim on.

The changes will apply to all new income protection policies from 24 March 2014 and will see 325 occupations move from tasks definitions to own occupation cover. In addition, LV=has also increased the number of jobs for which it will provide income protection to by 225. Own occupation cover will apply for the lifetime of the policy, and for the length of any claim.

As well as widening the number of occupations that qualify for own occupation cover, LV= has simplified and improved cover for homemakers. If someone takes out homemaker cover they will now be able to make a claim against their policy if they are either unable to prepare a meal or do basic housework. The level of cover a homemaker can take out has also increased from £1,250 a month to £1,500.

LV= has enhanced the cover that they offer customers who become unemployed after their policy starts or take a career break. Now, as long as they continue to pay their premiums, customers will keep own occupation cover for the first year and throughout any claim made during this time. After twelve months, they will be offered homemaker cover [2].

LV= has also increased the maximum age for income protection to 70 years old across all occupations. This is a significant step change as previously maximum ages were lower for roles such as teachers.

Martin Sincup, LV= Income Protection Manager said: "We believe that products that protect an individual’s income should be the cornerstone of any sound financial plan. We have decided to solely provide own occupation income protection cover as it is the best definition. Moving to own occupation cover makes it simpler for both customers to understand when we will pay out and makes it easier for customers to claim on.

Whether someone is single, in a relationship or has a family, if they are unable to work and earn an income most wouldn’t be able to make ends meet for long. The changes we have made to our policy mean that a greater number of people will have access to extremely valuable cover that will pay out if they are unable to work for a long period of time due to accident or sickness."

For further details on the LV= range of protection products go to

Notes to editors

[1] This means that LV= will pay an income protection claim if a policyholder is unable to do their job.

[2] The cover will be the lower of their amount of cover or £1,500


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.

Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth BH1 2NF

LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (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. Registered address: County Gates, Bournemouth BH1 2NF.