Press Release

LV= launches income protection products for mortgage holders and renters

  • 30% (4.3m) of mortgage holders and 43% (3.4m) of private renters are worried about money
  • But only 12% of mortgage holders and 5% of private renters have income protection insurance to provide an income if illness of injury stops them working
  • LV= is launching Mortgage and Rent Cover for those with fluctuating incomes, as well as regular earners

New LV= Executive Income Protection will enable small businesses to pay sick pay benefits to key employees 
Research from protection specialist LV= shows that millions of mortgage holders and private renters are worried about money and feeling stressed and anxious.

However, a large proportion of renters, freelance workers and self-employed people do not own an income protection product to provide an income if illness or injury leaves them unable to work.

The LV= Wealth and Wellbeing Monitor*- which tracks the behaviour of 4,000 UK consumers - reveals:

  • Nearly half or 47% (6.7m) of mortgage holders and 54% (4.3m) of private renters say they feel stressed
  • 43% (3.4m) of private renters and 30% (4.3m) of mortgage holders are worried about money
  • Only 12% of mortgage holders and 5% of private renters say they have an income protection product
  • 5.7 million (87%) of self-employed people, sole traders and gig workers do not own an income protection product

LV= research** conducted before the Covid-19 pandemic revealed one in five self-employed and contract workers unable to survive a week without work.

LV= is launching a simple and affordable income protection product designed to help pay mortgage or rent payments, if illness or injury prevents the insured person from working. While LV= Mortgage and Rent Cover can appeal to anyone who works, it can particularly help those with fluctuating incomes and irregular working patterns.

About LV= Mortgage and Rent Cover

Developed with feedback from financial advisers, LV= Mortgage and Rent Cover offers affordable protection with no minimum hours worked or proof of income required, either when applying or making a claim. As part of the application process the adviser will need to validate that the cover amount does not exceed the customer’s mortgage or rent payments, and obtain documentary evidence from the customer to support this, such as a copy of their mortgage offer or formal rental agreement.. If the customer is unable to work due to an illness or injury, their rent or mortgage payments will be covered  - up to £2,000 a month  - for a maximum of one or two years per claim (depending on the option chosen when they apply).

The LV= Mortgage and Rent Guarantee ensures that the selected amount of cover will be paid throughout the claim. The amount of cover can also be adjusted by the customer during the lifespan of the policy to account for life events, such as moving house and landlord rent increases.

LV= has also launched a new Executive Income Protection insurance product designed to enable small businesses to pay sick pay to key employees.

About LV= Executive Income Protection

Focusing on small businesses who typically can’t access Group Protection, LV= Executive Income Protection covers the cost of providing monthly sick pay benefits to a key employee.

If an employee is unable to work due to illness or injury, the employer can make a claim, and uses the payments to provide sick pay to their employee (via PAYE)  in place of their employee’s monthly salary. LV= will cover 80% of their earnings up to £300,000 a year for level cover and £225,000 a year for inflation-linked cover.

Under Executive Income Protection additional cover can be taken out for employer pension scheme contributions and employer National Insurance contributions. For added flexibility, as long as a claim is not being paid at the time, if the covered employee leaves the employer the policy can be transferred to their new employer within 90 days if the employee wants to keep their protection in place after moving jobs.

The policy can be included as part of the same application for other LV= Business Protection policies and employers can also benefit from LV= Business Care, a free business service offering legal, tax and VAT advice.

Debbie Kennedy, Protection Director at LV=, said:

“Working patterns have been transformed over the past 20 years and there are millions of freelance workers whose incomes fluctuate. Many would struggle to meet their mortgage or rental payments if illness or injury prevents them from working.

“LV= Mortgage and Rent Cover is the first product of its kind, focusing on under-served groups who are more prone to income shocks. It is designed to provide protection and peace of mind for people who worry about paying their mortgage or rent, if illness or injury stops them working.

 “As millions of households opt to rent their homes and working patterns change, it is vital that protection providers adapt and innovate to suit the needs of advisers and their clients. We’ve stepped up, started from first principles and thought again about how income protection can best serve policyholders. With LV= Mortgage and Rent Cover, we can offer reassurance for consumers seeking to protect their mortgage and rent outgoings."


For further information please contact:

Contact the press office
07867 141547

About LV=:

LV= is a leading retirement and protection specialist. 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.

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the Liverpool Victoria Group of Companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 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. Phone: 01202 292333.



*LV= surveyed 4,000+ nationally representative UK adults via an online omnibus conducted by Opinium in June 2020, September 2020, December 2020, March 2021 and June  2021.
** Research among 1,033 UK self-employed, part-time, contract and gig economy Workers between 01 October and 07 October 2019, conducted by Opinium on behalf of LV=. 
***UK population stats from ONS. Total UK adult population is 52.7m UK adults (aged 18+).