information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

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

Income Protection

What advisers like you think about our Superfresh Income Protection

Our new and improved income protection covers your client against all eventualities and includes the following features as standard:

  • Death benefit – Part of the contract, not ‘discretionary’.
  • Fracture Cover – Automatically included at no extra cost.
  • Teachers sick pay guarantee.
  • Unemployment payment holiday – Clients don’t have to pay their premiums for up to six months if made involuntarily unemployed.
  • Max cover up to 60% of salary.
  • No minimum cease age.

In this short video our Protection Consultants explain what advisers think about the changes – as well as the benefits to you and your clients.

Video transcript

Rowena Wilkinson

Been speaking to a lot of advisers about the income protection enhancements over the last few weeks, and death benefit has been received really well.

In particular, the death benefit can now make income protection easier to recommend. That’s because the death benefit can be seen as a return of premiums or used as funeral cover once the life and critical illness has paid off the mortgage.

The average cost of a funeral now in the UK is just over £4000, so even if the client had the policy less than five years, that would still cover that funeral expense.

Delicia Thomas

Advisers are now saying the clients are less likely to look for cheaper cover because they now have this free death benefit built into the LV= income protection plan.

Richard Bradley

With regards to the teachers sick pay guarantee, I work with a very large firm of advisers who are absolutely loving the new enhancement. Before, they found it very difficult to convey and explain to clients, especially the deferred benefit. But now it’s a lot easier to explain to them and they can actually just set this up on a twelve month deferred. Clients get it, they understand it and it’s much easier to write business as well. They don’t have to do so many different quotes. It’s just a lot easier proposition.

Dan Edmunds

For me the fracture cover is probably one of the best benefits. It’s something that they can really see as a tangible benefit without having to wait around for the deferred period to kick in. It gives them that really nice cash advance before the income protection benefit kicks in later.

The increased benefit amounts are really quite good. So, I deal with some very high net worth advisers and they’ve got high net worth clients. What we’ve done is we’ve now increased it to 60% of the clients’ income which aligns it with our personal sick pay products so it’s much easier for advisers to work out how much benefit the client can actually have. But particularly for those high net worth clients means they can have a little bit more money in their bank accounts each month so it’s really good.

Joel Sheppard

The advisers that I’ve been supporting recently particularly love that new payment holiday feature because it provides an additional safety net for the client in times of financial hardship.

They particularly love the fact that it covers the whole menu plan premium including life and critical illness alongside the income protection and the fact that it can be taken as individual or multiple claims really helps them increase their persistency as well.

Another key feature that the advisers that I’ve been liaising with recently love the removal of the minimum cease age because it means they can recommend income protection to more clients.

Positive feedback has been received from a lot of mortgage advice firms because it’s meant they can write the policies for younger clients, for a shorter term to run alongside their mortgage for example, and the fact that the budget version of the income protection is also available helps to decrease that cost even further.

Razia Morris

Advisers find really useful the two tools are income shortfall calculator and the risk reality calculator. The risk reality calculator highlights clients’ needs and benefits, helps the clients understand why they need the protection contract, whereas the income shortfall calculator highlights how much shortfall they have in their income should the unexpected happen to them.

To find out more, get in touch with your LV= Protection Consultant today.

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

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