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Why Income Protection?

Income protection (IP) is an everyday essential which works when your client can’t. The cover protects your client’s income if they are unable to work because of an accident or illness and pays out an ongoing, regular benefit.

What’s the real risk?

The biggest financial risk your working clients are exposed to is being off work for two months or more because of an accident or illness, before their chosen retirement age. And without the right protection in place the financial impact can be devastating. Not only maintaining the home and lifestyle they’ve worked so hard for, but having enough money to get by, so they can concentrate on getting better.

According to consumer magazine, Which? income protection is the one insurance policy every working adult should consider. However, it remains seriously undersold. At LV= we believe everyone should be supported if they’re ill and unable to work, with quality financial protection that pays out when it matters, which is why we recommend adding income protection to every client conversation.


Why should I lead my protection conversations with Income Protection?

If you asked your client to name their biggest asset, what would they say? Their house? If you think about it, your client’s house is actually their biggest liability (assuming they have a mortgage). And believe it or not, your client themselves is actually their biggest asset.

Client Scenario

Lady icon

Lisa is 35, a smoker, and earns £27,000 a year. She'll be retiring at 68 (the earliest she'll be able to claim her state pension).

Over the course of her working life she'll earn over £1 million, something definitely worth protecting.

Using the Risk Reality Calculator, Lisa has a:

  • 63% chance of being unable to work for 2 months or more
  • 20% risk of suffering a serious illness
  • 18% risk of death
  • 76% likelihood of any of the above having

Use our Risk Reality Calculator

The biggest financial risk we’re all exposed to is long-term sickness. Test this out by visiting our Risk Reality Calculator, which uses industry statistics to highlight why financial protection is important.

Screenshot of the risk reality calculator
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Contact us about Income Protection

Quotes and questions: 0800 678 1890
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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK