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Family Income Benefit

Family Income Benefit at a glance

Unsure if the product is right for your client? Our table below sets out our product at a glance to help you make an informed comparison.

Detail

Family Income Benefit - Level cover

Family Income Benefit - Inflation-linked cover

Waiver of premium

Type of payout

Monthly payments (can choose to convert payments for a reduced lump sum payment at claim stage)

Monthly payments (can choose to convert payments for a reduced lump sum payment at claim stage)

Pays the policy monthly premiums after a waiting period

Term

Minimum 5 years

Maximum 45 years

(subject to age limits below)

Minimum 5 years

Maximum 45 years

(subject to age limits below)

Option available on all policies up to the age of 65

Minimum age attained at entry

17

17

17

Maximum age attained at entry

79

59

59

Maximum age attained at end of policy term

84

69

For level cover - 84

For inflation-linked - 69

or the end of the policy term if earlier

Minimum premium

£5 a month

£5 a month

Based on total policy premium

Maximum claim period

Until the end of the policy term

Until the end of the policy term

Until the end of the policy term, the client returns to work or passes away

Waiting period

N/A

N/A

26 weeks

Eligibility criteria

Your client must be a permanent UK resident

Your client must be a permanent UK resident

Your client must be a permanent UK resident

Payment frequency

Monthly by direct debit only

Monthly by direct debit only

N/A

Extras

Value added services

Pay my mortgage facility

Value added services

Pay my mortgage facility

N/A

Quote and apply

Our fast and flexible quote and apply technology, Fastway, helps you put your clients on risk quicker:

  • save quotes and go back to them anytime
  • see instant decisions and partially underwritten quotes
  • view all your personal applications in one simple dashboard
  • use directly with the portal of your choice
  • fill in the sections in the order that suits you and your client
  • access our online Pre-Underwriting Tool and get an indicative underwriting decision 24/7
  • we offer an easy to use online trusts tool to help you make sure the valuable protection you’ve set up for your clients pays out quickly and to the right people.

If you’re unsure if the product is right for your client, you can speak to our adviser support team on 0800 678 1890 or email us at [email protected] and we’ll be happy to help. Our lines are open from 9am to 5.30pm Monday to Friday.

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