Protection specialist LV= has paid out over £309,000 for a single income protection claim lasting more than 35 years. The claim – the longest lasting of LV= income protection claims - is being paid to a woman who was unable to return to work since 1987. She was diagnosed with epilepsy in her twenties after suffering from a brain haemorrhage.
She was 27 when this life-changing event occurred and the income protection policy had only been in place for 16 months. She will continue to receive pay-outs from LV= until 2023, when the policy term ends.
Cases like these that demonstrate the true value of protection are featured in the latest edition of the LV= Fuel for Life report for financial advisers specialising in protection.
The report highlights the support available for financial advisers, demonstrating how protection policies help households overcome financial shocks. It reveals that:
“This claim lasting 35 years just goes to show the true power of income protection. Not only does it demonstrate that life changing injuries and conditions can strike at any age, but they can be long lasting too. Credit must go to the adviser who talked to their client about protecting their income and for putting index-linked cover in place. The claim started out at £93 a week and has risen nearly threefold over time, to a current weekly payout of over £270.
“Financial and practical support can make a positive difference in times of hardship and reinforces again the real value of sound financial advice. I hope stories like these can offer advisers more encouragement and confidence to talk to new and existing clients about their protection needs.
“As part of our #IPAW (Income Protection Awareness Week) pledge, we are running more protection ‘refreshinars’. I’m amazed that over 12,000 have attended our virtual events this year alone. All qualify for CPD and adviser feedback suggests the sessions are informative and can make a positive practical difference.”
LV= has made a series of improvements to its protection policies over 2021 including:
LV= members also have access to support services including:
LV= Doctor Services (included as standard on all protection policies) gives access to six expert medical services, all available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions.
LV= Member Care Line (included as standard on all protection policies) – Free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.
*9.4 million claims include both new claims and claims already in payment before January 2021, which have remained in payment until July 2021. It includes all of our IP policies including FPP Income Protection, Personal Sick Pay, and other historic IP policies no longer open to new business.