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If the worst happens, make sure your clients and their loved ones are protected

Life Protection

Product profile for Waiver of Premium

Read below a summary of the relevant product information about LV= FPP Waiver of Premium, in accordance with the Insurance Distribution Directive. Designed to help you make an informed decision and comparison for your client, we set out the product’s target market, distribution strategy, suitability, main features, risks, options and costs.

The waiver of premium product profile is also available in downloadable pdf format.

This is only a summary of the product features. For more information please read the Policy Summary and Policy Conditions.

Waiver of Premium forms part of the Flexible Protection Plan and is designed to pay the premiums for all policies (with the exception of Relevant Life Cover) under their plan, if the person insured is unable to work due to accident or sickness for longer than the waiting period.

The waiting period for this product is set at six months, unless it includes Income Protection or Personal Sick Pay, where the waiting period will match the one chosen for that product.

Waiver of premium is suitable for a client who would suffer a drop in their income, and as such would potentially be unable to pay for the premiums in their Flexible Protection Plan if they were unable to work due to sickness or an accident. The target market varies for each of the products within the Flexible Protection Plan, so it is recommended to refer to the specific products for further information.

Waiver of Premium cannot be set up as a standalone policy.

To ensure your client receives the right level of protection, we believe this product should be sold on an advised basis, face to face or over the phone.

It’s important to regularly review your client’s circumstances and protection needs to make sure their cover is appropriate.

  1. Pays FPP plan premiums on policyholder's behalf if they're unable to work due to sickness or accident
  2. Based on own 'occupation cover', or 'homemaker cover' definition
  3. Once the person insured reaches 70, regardless of how they were being measured, the basis changes to work tasks measures. This means they are totally unable to carry out 3 or more tasks from a list of everyday activities.
  4. Standard waiting period of 6 months. Except where Waiver of Premium is attached to an LV= FPP Income Protection or Personal Sick Pay policy. In which case, the Waiver of Premium policy will adopt the waiting period the client has chosen for IP/PSP.
  1. The product does not pay out an actual cash amount, instead the client's FPP premiums are waived
  1. There is no cash in value at any time
  2. If your client stops paying their premiums, their cover may cease
  • The minimum term is 5 years. It will end once all of the policies included in the Flexible Protection Plan have ended, or if earlier once the person insured reaches age 85.
  • Clients can choose to take out a policy on a single or joint life basis
  • On a joint life basis, the policy will only waive the premiums for the FPP plan once, if either of the people insured are unable to work.
  • If your client is insuring someone else an insurable interest must exist at the start of the policy. A spouse or civil partner is automatically assumed to have an insurable interest.
  • The cover will be the total premium your client pays for all of the policies included in the Flexible Protection Plan
  • The cover will automatically go up if any of the policies with inflation-linked cover are included in the plan
  • If any new policies are taken out or existing policies are altered, we will normally extend Waiver of Premium to cover the new plan premium

To apply clients must be:

  1. Permanently living in the UK
  2. Aged between 17 and 59
  3. If they are insuring someone else, they must meet these requirements. If they are insuring two people both must meet these requirements.

There are no options or additional benefits.

0800 678 1890

TextDirect: first dial 18001

8.30am - 6.30pm Monday - Friday

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


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