Coronavirus - Income protection

Covid-19 update for Income Protection policies

Income Protection is designed to help people maintain their lifestyles by supplementing lost income if someone can’t work because they are ill or have an accident.

Can I make a claim

This type of insurance policy has a waiting period before a claim can be paid out.

Of course, but you need to consider the impacts carefully. For instance you won’t be covered, or be able to claim if something happens. We urge you to think about any steps you take, and if necessary speak to your financial adviser first.
Yes, but you can only do this by reducing the amount of cover on your policy, selecting a longer waiting period or changing to a budget version. If you amend your cover and then wish to reverse this and increase your cover again in the future, you may have to answer medical questions. It’s not guaranteed we’ll be able to increase it back to what it once was, or at all.

If you’d like to talk to us about reducing your cover please get in touch. We suggest you speak to your financial adviser first of all, who will be able to give you appropriate advice, and can then speak to us about it for you.

If you miss one or more payments, we’ll usually offer you a minimum grace period of 60 days to bring your premiums up-to-date (please check your policy conditions to see what grace period you have). If you can't afford to keep you policy in place you need to consider the impacts carefully.

For instance you won't be covered, or be able to make a claim if something happens. We encourage you to think about any steps you take, and give us a call so we can talk this through with you.

If you’re facing an exceptionally challenging time, which means that you're financially impacted and can't pay your normal premiums, we may be able to offer you a 'payment break'

This option is for particularly vulnerable customers that need extra support above and beyond what's included in their policy, our additional support services or member benefits. The offer of a payment break is subject to certain criteria and individual circumstances.

To be eligible for a payment break option, you should:

  • have a policy that's been in place for 12 months or more
  • have maintained your premiums in the past and not been more than 3 months in arrears
  • not have used a payment break before
  • have an individual income of less than £50,000
  • have been adversely impacted by a significant drop of 50% or more to your income, or your usual earnings have stopped
  • not be receiving furlough support

If we’re able to offer any payment break we'll be able to do this one month at a time and will review the situation with you on a month by month basis.

Your cover would remain in place, in full, during any payment break. And you'd be able to make a claim in the usual way, in line with the terms and conditions of your policy.

A 'payment break' option may also be available for our members who are considered vulnerable and are unable to pay premiums due to a mental or chronic physical health issue, or are coming to terms with the death of a close family member. 

If you would like to explore a payment break option please contact us so we can talk to you about your circumstances and current income situation.

There is a lot of support out there which you can read about and we have a Member Support Fund which might also be able to help.

We’re still accepting new business and processing any applications but it may be taking us slightly longer to do this. We’ll be in touch as soon as possible. If you’d like to know the progress of your new product please contact us.
Most financial advisers have set up alternative contact details so try these first. 

However if you have a query about your LV= policy application, please contact us and we’ll  respond as soon as we can.

If you'd like to speak to us about your policy: