LV= reintroduces shorter waiting periods for personal sick pay

Re-introducing day 1 and 1 week waiting periods for new policies

Protection specialist LV= is re-introducing day 1 and 1 week waiting periods for its specialist income protection offering, LV= Personal Sick Pay*.

Along with a number of other providers, LV= withdrew short waiting period options to new business in March 2020 in response to the emerging and changing COVID-19 conditions. LV= is the first provider to re-enter this segment of the market and estimates that, compared to pre-COVID, around 75% of  typical applicants who would usually apply will be able to secure financial protection that pays out sooner through a day 1 or 1 week waiting period.

Initially, LV= will still restrict day 1 and 1 week options for some clients; those who are self-employed will be offered 4-week waiting periods instead. Applicants in industries where their own job and income have been negatively affected will be assessed based on their individual circumstances.

LV= is also introducing a temporary COVID-19 exclusion for symptoms lasting under four weeks for all new Personal Sick Pay day one and week one applicants. It won’t pay a claim due to symptoms of complications of COVID-19 or other coronaviruses, respiratory tract infection, cold or flu if the policyholder is unable to work for less than four weeks. It will, however, consider a claim - and backdate it - if the policyholder is off work for more serious symptoms that last beyond four weeks. Policyholders are able to claim for long-term illnesses caused by COVID-19.  


Debbie Kennedy, Protection Director at LV=, said: 

 “LV= is first provider to re-enter the market with this type of specialist cover helping to provide a valuable financial safety net for  those who don’t have one.  

“As we monitor the ever-changing situation and impacts of COVID-19 we must keep challenging everything we do. I’m delighted that we’re taking this first step. Through our pragmatic and targeted approach to reintroducing these short waiting period options, we’re able to offer more access and choice for advisers.  I think advisers and customers will seek out providers who are prepared to be flexible and take into account the individual circumstances.”

The changes and provisions apply to new Personal Sick Pay policies only and LV= Income Protection plans remain unchanged.
More details about the LV= Personal Sick Pay changes and provisions can be found on LV= Adviser site and Coronavirus hub.


*About LV= Personal Sick Pay  
LV= Personal Sick Pay is a specialist income protection insurance aimed at clients in riskier jobs who can be more expensive to insure such as tradespeople, nurses, electricians and construction workers. It is designed to replace their income if they were unable to work due to an accident or long-term sickness. 

The Day 1 and week 1 waiting periods mean policyholders need to wait only one day or one week following 3 consecutive days of being unable to work due to illness before being able to make a claim depending on the level of cover they choose. 
Features include:
Age-costed premiums allowing more affordable cover at younger ages
No ratings for smokers or different occupations
A wide choice of waiting periods to dovetail cover with policyholders’ needs
£1,000 benefit guarantee ideal for those with variable earnings
A budget option with a maximum two-year claim payout period, and all the same benefits 

Personal Sick Pay policies can be easily combined with other LV= life and critical illness cover as a convenient menu solution - with one application, one set of underwriting and one DD - through the LV= Flexible Protection Plan.

All new Personal Sick Pay policyholders also have access to a range of LV= 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. The service is, for example, used for enquiries about skin conditions and moles.

LV= Member Care Line (included as standard on all protection policies) 

Free and unlimited access to a 24/7 Health and Wellbeing Line, part of our Member Care Line, for 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.


Contact the press office
07867 141547

About LV=

LV= is 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. 
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited (LVFS) and trading styles of the LV= 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.