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Family Income Benefit

Family Income Benefit options

Our Family Income Benefit policy has a number of options to suit your client’s needs as shown below.

Level cover

  • The regular income we would pay your client is fixed when they start paying the premiums and won’t change
  • This means it won’t keep up with inflation and may buy less in the future.

Inflation-linked cover

  • The amount of cover will go up in line with inflation (RPI), and the premium will go up by RPI x 1.5
  • If we're paying a claim the maximum annual increase is limited to 12%

Waiver of premium

  • Waiver of Premium forms part of the Flexible Protection Plan and is designed to pay the premiums for all policies (with the exception of Relevant Life Cover) under your client's plan, if the person insured is unable to work due to accident or sickness for longer than the waiting period.
  • The waiting period for Waiver of Premium is set at six months, unless your client's plan also includes Income Protection or Personal Sick Pay, where the waiting period will match the one chosen for that product, if the waiting period for that product is less than 6 months.
  • The minimum term is 5 years. It will end once all of the policies included in the Flexible Protection Plan have ended, or if earlier once the person insured reaches age 85.

Please read the Waiver of Premium policy conditions to understand the Waiver of Premium option in full.

Product profile

A summary of the relevant product information about Family Income Benefit and Waiver of Premium, in accordance with the Insurance Distribution Directive.

Key documents

Online Services

LV= Doctor Services

LV= Doctor Services gives your client access to six expert medical services in one app

Find out more here

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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 Benefit policy 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

FOR UK FINANCIAL ADVISERS ONLY
Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK