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Pays out a regular income should the worst happen - helping provide better financial security for your family

Family Income Assurance

Product profile for Family Income Assurance

Read below a summary of the relevant product information about Family Income Assurance, in accordance with the Insurance Distribution Directive. Designed to help you make an informed decision and comparison for your client, we set out the product’s target market, distribution strategy, suitability, main features, risks, options and costs.

This information is also available in downloadable pdf format.

This is only a summary of the product features. For more information please read the Policy Summary and Plan Conditions.

This product is aimed at clients who have dependants who would suffer financially in the event of their death or diagnosis of a terminal Illness. It provides regular payments until the end of the plan term that are not subject to income or capital gains tax. It’s particularly useful for people who have financial commitments (such as regular loan repayments) that their dependents would still be liable for if they died.

For clients with children they may want to ensure a regular income to help look after their children after their death.

It’s primarily aimed at clients who wish to cover their own financial commitments, however clients can take out a plan on a life of another basis, providing they have an insurable interest in the person being insured.

To ensure your clients receive the right level of protection, we believe this product should be sold on an advised basis, face to face or over the phone.

It’s important to regularly review your client's circumstances and protection needs to make sure their cover is appropriate.

On death during the plan term, the product pays an income every three months until the end of the term (can convert at claim to a reduced lump sum).

  1. Terminal illness cover is included at no extra cost
  2. Level or inflation-linked cover
  3. Guaranteed premiums
  4. Waiver of premium option
  1. We won't pay a claim if your client dies as a result of intentionally taking their own life in the first 12 months of the plan
  2. We won't pay a terminal illness claim in the last 12 months of the plan
  3. This plan is not suitable for clients who want to cover themselves against a critical illness or protect their income should they be unable to work due to accident and sickness
  1. There is no cash in value at any time
  2. if your client stops paying their premiums, their cover may cease
  3. if your client chooses level cover, it won't keep up with inflation and could buy less in the future
  • The minimum term is 4 years and maximum term 45 years. The plan must end before the any person insured reaches the age of 90 (for level cover) or age 65 (for inflation-linked cover).
  • Clients can choose to take out a plan on a single or joint life basis
  • On a joint life basis, the plan will only pay out once, on the first death and will then end
  • If your client is insuring someone else an insurable interest must exist at the start of the plan. A spouse or civil partner is automatically assumed to have an insurable interest.

To apply clients must be:

  1. Permanently living in the UK
  2. Aged between 17 and 79 (for level cover)
  3. Aged between 17 and 60 (for inflation-linked cover)

Member benefits: With this plan your client automatically becomes a member and is entitled to a range of benefits, at no added cost. These include voting rights, free advice helplines and discounts on selected LV= products. These benefits are non-contractual and can be changed or removed at any time, and conditions apply. More details about LV= membership and member benefits are available at LV.com/members.

LV= Doctor Services: All new plan holders have access to a number of app-based medical services and advice, at no added cost. These include virtual GP consultations, prescription and second opinion services. These benefits are non-contractual and can be changed or removed at any time, and conditions apply. For more details visit LV.com.

Waiver of Premium: Your client can add waiver of premium when they take out their plan. This will pay the premiums for their plan on their behalf if they’re unable to work due to sickness or an accident for more than 26 weeks. More details can be found in the Family Income Assurance Plan Conditions.

The plan premium also includes a fee, which is a fixed monthly amount, to cover administration and support costs.

LV= Doctor Services is provided by Square Health Limited. This service is not regulated by the Financial Conduct Authority or Prudential Regulation Authority.

0800 678 1890

TextDirect: first dial 18001

8.30am - 6.30pm Monday - Friday

We will record and/or monitor calls for training and audit purposes.

Literature

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Need more cover?

Take a look through the other protection products we offer within our Flexible Protection Plan.

View our Flexible Protection Plan

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Trusts

See our trust options and use our Online Trust tool to find the option most suited to your client's needs.

More about our trusts

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Member benefits

Taking out a Family Income Assurance plan entitles your client to member benefits.

More about our member benefits

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Contact us

Read more about where we're based and all of our contact information.

How to contact us

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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK