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

Income Protection

Handling common objections

When it comes to spending money on insurance, clients can be creative with their excuses. For some people it may mean spending slightly less on their luxuries or they may just not see the point.

Things your client may say:

'The state will help me'

The state may help a bit - but not enough and not for long.

The good news is that the state will give your client £89.35* a week for up to 28 weeks if they can't work due to ill health.

Not everyone is eligible for Statutory Sick Pay - it's only available for people who are employed. For more information on the full state benefits available to your client go to

The bad news is that the average UK family spends £56.80** a week (in 2016) on food alone.

That doesn't leave much for all the other monthly expenses.

Check-list of weekly shop, utility bills, rent/mortgage, fuel and credit cards

** ONS, December 2015

'Protection is expensive'

Protection. It's money well spent.

At LV= we believe some cover is better than none. And you may be pleasantly surprised how little you need to spend each month to put some cover in place.

Just compare the cost of cover with a few monthly treats.

You'll soon see that protection really is good value. And you can't say that about many things these days.

What do you get for around...

£10 a month?

Coffee cup

4 large lattes

or £1,100 of Budget Personal Sick Pay [1]

£20 a month?

Takeaway pizza

Takeaway pizza

Or £1,350 of Budget Income Protection [2]

£25 a month?

Cinema tickets

Cinema for 2

or £1,000 of Personal Sick Pay [3]

£35 a month?

Glass of wine and a pint of beer

A night out

or £1,700 of Income Protection [4]

These quotes correct as of February 2017. Prices change over time.

The amount you pay for your cover will depend on your personal circumstances and prices at the time.

  • [1] Based on Budget Personal Sick Pay with guaranteed future prices for a 25-year-old, 13 week waiting period, cover ending at age 60.
  • [2] Based on level Budget Income Protection with reviewable premiums for a 31-year-old, non-smoker, administration manager, one month waiting period, cover ending at age 65
  • [3] Based on Personal Sick Pay with reviewable future prices for a 30-year-old, 4 week waiting period, cover ending at age 65.
  • [4] Based on level Income Protection with guaranteed premiums for a 26-year-old, non-smoker, accountant, one month waiting period, cover ending at age 65.

'Policies don't pay out'

LV= Protection that pays.

At LV= we always aim to pay claims where we have had a full medical history disclosure. Usually the only claims we cannot pay are where we have insured someone without full knowledge of a relevant medical condition.

But we go to exceptional lengths to try and prevent this from happening.

It's an approach that gives your client peace of mind and us a claims record to be proud of.

Here're some of our claims figures for our main protection products.

In 2016 we paid...


of all our Income Protection claims


of all our Life Protection death claims


of all our Critical Illness cover claims

I'll rely on my savings

If your client isn't bringing home the bacon, how long will their savings last?

Even large amounts of savings can vanish in a matter of weeks if you lose your income.

And that would be even more painful if you'd hoped to spend that money on the good things in life like a new car or holiday.

With the average family spending £528.90 a week* and only having £1,250 in savings** things can get desperate in less than six weeks.

A big piggy bank.

Week 1.5

A three quarter sized pig.

Week 3

A half size pig.

Week 4.5

A quarter size pig.

Week 6


*ONS, March 2016
**L&G Deadline to Breadline to report, 2014

Chris' objection handling video

Chris sat looking at the camera

Chris Nicolaou shares his tips and advice on how to handle common client objections against taking out income protection, including: 'It won't happen to me".

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.



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

LV=, County Gates, Bournemouth, BH1 2NF, UK