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New and improved Income Protection
Now with even more added goodness

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How to scale down the cost to meet your client's budget

Income Protection

Income Protection: What's new?

At LV= we believe everyone should be supported with quality financial protection that pays out when it matters. That’s why our updated Income Protection product covers your client against all eventualities, and includes a number of new features.

Introducing LV= Doctor Services

Providing your clients with confidential, expert medical advice wherever they are, LV= Doctor Services gives your client access to three expert medical services in one app.

Fracture cover

Fracture cover is automatically included with our FPP Income Protection policy. Unlike other products in the market, fracture cover isn’t an ‘optional extra’ (or separate policy) and clients don’t have to pay a separate premium.

We’ll pay your client a lump sum if they’re diagnosed with a specific bone fracture. There’s no waiting period and clients can spend the money on whatever’s important to them, although they might use it to cover a shortfall in income or pay expenses associated with their injury.

The amount we'll pay depends on the type of fracture.

  • Closed fracture of the skull £1,250
  • Fracture of the cheekbone £1,000
  • Fracture of the shoulder blade £1,000
  • Fracture of one or more ribs £650
  • Fracture of the pelvis £1,250
  • Fracture of the wrist £1,000
  • Fracture of the upper leg £2,200
  • Fracture of the lower leg £1,250
  • Fracture of the ankle £1,250
Skeleton showing the fractures covered with our Income Protection
  • Open fracture of the skull £2,200
  • Fracture of the jaw £1,000
  • Fracture of the collar bone £650
  • Fracture of the sternum £1,000
  • Fracture of the vertebra £1,000
  • Fracture of the arm £1,250
  • Fracture of the hand (excluding fingers and thumbs) £1,000
  • Fracture of the knee £2,200
  • Fracture of the foot (excluding toes) £1,000

Our fracture cover is paid in addition to any usual amount your client receives as part of an Income Protection claim. If your client is diagnosed with more than one fracture at the same time, we’ll pay for the fracture with the highest amount of fracture cover. We’ll only pay for one fracture diagnosed within a 12 month period, not all fractures are covered and certain exclusions apply. Please refer to the Policy Conditions for more information.

An example of how our fracture cover works

Jamie took out LV= FPP Income Protection last year (with a two month waiting period), she was involved in an accident and broke her leg (fracture of the upper leg).

Jamie makes a fracture cover claim a week after surgery and we pay her a £2,200 lump sum. We then start paying the monthly Income Protection claim amount after two months (her waiting period).

Death benefits

We’ll pay a fixed lump sum if your client dies before the end of their Income Protection policy. Unlike other products in the market, our death benefit is part of our contract (it’s not ‘discretionary’ or an ‘optional extra’), making it easier for you to explain how our cover works. The amount we’ll pay depends on when your client took out their policy:

  • We’ll pay £5,000 if your client dies within four years of the policy start date, or
  • £10,000 if your client dies four or more years after the policy start date.

The lump sum will be paid to the policyholder and will form part of their estate for tax purposes. This means the money may be subject to inheritance tax under current legislation, depending on their personal circumstances.

If your client has multiple Income Protection policies with us, we’ll only pay a maximum of £10,000, irrespective of how many policies held.

Examples of how our death benefit works

Louise took out a new LV= FPP Income Protection and then three years later passed away. Louise was not claiming on her Income Protection policy at the time of her death.

Her spouse, Carl, contacts us to cancel her policy and informs us of her death. We advise Carl that once we receive her death certificate we will pay her estate a £5,000 death benefit.


Sam took out a new LV= FPP Income Protection and then five years later was diagnosed with cancer. He’s unable to work and we are paying him £1,500 a month under his Income Protection policy.

Six months later, Sam sadly dies due to his illness. His spouse, Melissa, writes to inform us of his death and sends us the death certificate.

We stop paying the £1,500 monthly benefit and pay his estate a £10,000 death benefit.

Payment of premiums during unemployment (payment holiday)

If your client’s made involuntarily unemployed we won’t expect them to pay their premiums for up to six months (but their cover will continue). This can protect out of work clients and reduce the likelihood of their policy lapsing.

The ‘payment holiday’ has an initial exclusion period of 90 days after the cover starts, and is limited to six months in total during the policy term – which can be taken as multiple claims.

If your client takes out Income Protection alongside our Combined Life & Critical Illness policy, their payment holiday will cover their full Flexible Protection Plan premiums.

Sick pay guarantees

Some clients working in the public sector (like teachers or medical professionals) don't always have straightforward sick pay arrangements. They might get paid 100% of their salary for a defined number of months, followed by 50% of salary.

Sick pay entitlement can also change with each year of service, making it difficult to choose the right waiting period. With the LV= sick pay guarantees, if your client is an NHS doctor or teacher and chooses a 12 month waiting period, we’ll pay out to fit alongside their employer sick pay arrangements (exclusions apply, see our policy conditions for more details).

This helps reduce the premium by removing the need for complex split waiting periods, removes the risk of over insurance and makes sure your client gets their money when they need it.

LV= Income Protection also includes:

  • Own occupation, for all the jobs we insure – to age 70
  • £1,500 benefit guarantee
  • No deductions for state benefits
  • No standard exclusions
  • No automatic requirements for GP reports
  • Can cover up to 60% of earnings
  • No minimum cease age requirements

Watch our Income Protection video

Income Protection Enhancements video thumbnail

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

We cover 95% of all the occupations listed by Origo (declining just 89) so why not get a quote today?

Speak to your LV= Account Manager for more information 0800 032 4219

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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

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Tools and Calculators

Everything you need to support your Income Protection recommendations.

Income Protection tools and support

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Personal Sick Pay

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

More on Personal Sick Pay

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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

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