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Income Protection enhancements video

We have made some improvements to our Income Protection product.

In this video, Mike Farrell, Protection Sales Director at LV=, summarises the exciting changes we've made.

Video transcript

Hi, I’m Mike Farrell, Protection Sales Director at LV=. I’m here to tell you about some exciting changes we’ve made to our award-winning Income Protection product.

Let’s take a look at the changes.

Fracture cover is now automatically included within the LV= income protection plan. It’s not an ‘optional extra’ (or separate policy) and it’s available at no additional cost.

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

Clients can spend the money on whatever’s important to them. They might use it to cover a loss in earnings or pay expenses associated with their injury.

  • Not all fractures covered
  • Certain hobbies excluded
  • One fracture paid within a 12 month period

We’ll pay a lump sum if your client dies before the end of their Income Protection policy – it’s part of the contract, it’s not discretionary payment or an optional extra. The amount we pay depends on how long your client’s had their policy.

  • £5,000 if your client dies within four years of the policy start date
  • £10,000 if your client dies four or more years after the policy start date
  • £10,000 maximum payment per client

We want to protect your clients made involuntarily unemployed. If this happens, your client won’t have to pay their premiums and their cover will continue.

The payment holiday applies to your client’s full LV= menu plan and covers six month’s premiums over the term of the policy. This can be taken as an individual or multiple claims, helping reduce the likelihood of your client’s policy lapsing.

  • Initial 90 day exclusion period
  • Other exclusions apply – see the policy conditions for full details

Teachers don’t always have straightforward sick pay arrangements. Under our sick pay guarantee, if your client chooses a 12 month waiting period, we’ll start paying their benefit based on how long they’ve been employed as a teacher. This removes the risk of over insurance and makes sure your clients get their money when they need it.

  • Only for sick pay arrangements that mirror local education authority rules
  • Refer to the Policy Conditions for eligibility

We’ve also increased the maximum income available to 60% of earnings and removed the minimum ceasing age.

  • Maximum 60% of earnings - up to £12,500 a month
  • No minimum cease age

We’re really excited about our refreshed income protection product and believe it will help you protect more than just your client’s income. To find out more, please visit our website or speak to your LV= Account Manager.

Thank you very much.

Visit LV.com/superfresh or speak to your LV= Account Manager.

New, improved Income Protection. Now with even more goodness.

More information, including eligibility, can be found in the Policy Conditions.

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