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IP too expensive?
How to scale down the cost to meet your client's budget

Income Protection

Income Protection 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.

Or you can speak to our adviser support team on 0800 678 1890 or email us at lv.agency@lv.com and we'll be happy to help.

Income Protection

Budget Income Protection

Waiver of premium

Type of pay-out

  • Monthly income after chosen waiting period.
  • Lump sum if your client dies before the end date.
  • Monthly income after chosen waiting period.
  • Lump sum if your client dies before the end date.

Pays the plan monthly premiums after a waiting period

Types of cover

Level/inflation-linked

Level/inflation-linked

N/A

Term

Minimum 5 years

Minimum 5 years

Age 69 or the end of the plan term if earlier

Minimum age attained at entry

17

17

17

Maximum age attained at entry

59

59

59

Maximum age attained at end of policy term

69

69

69

Minimum premium

£5 a month

£5 a month

Based on the total plan premium

Maximum claim period

Lasts until the earlier of:

  • your client gets better
  • the policy end date
  • your client dies

Lasts until the earlier of:

  • 24 months claim
  • your client gets better
  • the policy end date
  • your client dies

Lasts until the earlier of:

  • your client gets better
  • the policy end date
  • your client dies

Waiting period

1, 2, 3, 6 or 12 months

1, 2, 3, 6 or 12 months

This will match the waiting period selected for Income Protection / Budget Income Protection. Maximum waiting period of 6 months

Split waiting periods available

Yes

Yes

Eligibility criteria

A permanent UK resident and have lived in the UK and have been registered with a UK GP for the last two years

A permanent UK resident and have lived in the UK and have been registered with a UK GP for the last two years

Your client must be a permanent UK resident

Extras
(included as part of the contract)

  • Career break option
  • Back to work support
  • Fracture cover
  • Death benefit
  • Payment of premiums during unemployment
  • Teachers sick pay guarantee
  • Career break option
  • Back to work support
  • Fracture cover
  • Death benefit
  • Payment of premiums during unemployment
  • Teachers sick pay guarantee

N/A

0800 678 1890

TextDirect: first dial 18001

8.30am - 6.30pm Monday - Friday

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

Watch our Income Protection video

Income Protection enhancements video thumbnail

Watch our short video that summarises the exciting changes we've made to our Income Protection product.


Literature

Graph

Flexible Protection Plan

Why not add Life cover or Critical Illness to your client's plan for a wider protection portfolio?

More about Flexible Protection Plan

A person

Tools and Calculators

Everything you need to support your Income Protection recommendations.

Income Protection tools and support

Medical bag icon

Personal Sick Pay

Income protection for clients in riskier jobs who can be more expensive to insure.

More on Personal Sick Pay

Team of people

Large Case Team

If your client wants cover for more than £5,000 a month, we can offer dedicated support.

More about our Large Case Team

Connect with us

About protection

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