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

Income Protection

Stats and facts on Income Protection

We've sourced a number of stats and facts to help support your recommendation for Income Protection.

Two slices of bread

10.8 million households

(more than 60% of working families) would be entitled to little or no state support if the breadwinner had to stop working.

Income protection is surprisingly affordable

£43.84

Is the monthly premium for:

An ID card
  1. A 30 year old admin manager
  2. £1,500 a month cover (level)
  3. Two month waiting period
  4. Cover ending at age 65

Put that into context, that's less than:

A table candle

Meal for two

A film camera

Family trip to the cinema

A cup of coffee

Daily cup of coffee (over a month)

A pint of beer

Weekly trip down the pub

Quotes correct as at June 2017. Rates are subject to change. The actual cost depends on individual circumstances.

A thermometer

2 million

UK adults are currently claiming sickness and incapacity benefits.

Maximum weekly state sickness benefits:

Stack of coins

£89.35
Statutory Sick Pay

Stack of coins

£73.10
Employment and Support Allowance (assessment phase for people over 25 years old)

Stack of coins

£109.65
Employment and Support Allowance (support group)

Source: Government State Benefits, 2017

How tall is a giraffe!?

Three giraffes.

The current Employment & Support Allowance government claim form is

57 pages long

end to end that's the same height as

2.5 giraffes!

Put into context, LV='s income protection claim form is just

7 pages long

A bag of money.

Income protection policies pay out

90% of all new LV= Income Protection claims were paid in 2016.

Less than half

of employers (43%) offer sick pay over and above the minimum statutory requirements.

Falling pills marked 43%.

Keeping up with the cost of living

House with £666 in the middle

The average monthly
mortgage payment
in the UK is:

A house with £722 in the middle

with the average
rental payment
even higher at:

A pair of smoking cigarettes

What are the chances?

A 30- year old male who doesn't smoke has a 32% chance of being off work sick long-term.

A 35 year-old female smoker has a 55% chance of being off work sick long-term.

The LV= risk reality calculator, retirement age 65 and risk of being off work for 2 months or more.

Use our Risk Reality Calculator to calculate the risk.


Sources: Centre for Economic and Social Inclusion (CESI). Income Protection monthly premium LV= quote - based on a female aged 30, non-smoker. Association of British Insurers (ABI). Office National Statistics. The LV= Risk Reality Calculator, retirement age 65 and risk of being off work for 2 months or more.

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