Income Protection Insurance

• We'll pay an ongoing, regular income if you can't do your job because of an accident or sickness.
  
• Rehabilitation support services to help you return to full health as soon as possible.
  
• Own Occupation - this means the policy will pay out, after the waiting period you choose, if because of sickness or an accident, you are unable to do your usual occupation. 
  
• Fracture cover is included at no extra cost (a lump sum payment of up to £2,200, depending on the type of bone fracture).
  
• A death benefit of up to £10,000. (We'll pay £5,000 if you die within four years of the policy start date, or £10,000 if you die four or more years after the policy starts).
  
• Premiums can be waived during involuntary unemployment for up to 6 months in total over the lifetime of your policy.

• Parent and child cover - we'll pay a lump sum if your child is diagnosed with specific illnesses, operations or medical procedures.*
  
• At LV=, we don't like the idea of you not getting what you paid for, which is why our Income Protection automatically includes a £1,500 benefit guarantee. We understand your income can fluctuate, especially if you're self-employed or rely heavily on commission and bonuses. And if your salary does drop, there's a risk your salary will no longer support the level of cover you originally took out. 
  
• Back to work support and career break options.
  
• Teachers Sick Pay Guarantee.
  
• Specific features for Doctors and Surgeons.
• Access to member benefits.

*Exclusions apply. For more details on this and the 54 conditions covered, please see our Income Protection Policy Conditions.

• If you inaccurately state your income we may reduce what we can pay you at claim stage (we cover up to 60% of your income before tax).
  
• If you've been unemployed for 31 days or more when you claim, we'll only pay out if you can't prepare a meal or do basic housework.
  
• Reviewable premiums do not change within the first 5 years of your policy, but after that, they could change every year, but we'll let you know before we make any changes.
  
• If you stop paying premiums, you won't get any money back and you'll no longer be covered.
  
• We'll only pay your claim if you've been unable to work throughout the whole of your chosen waiting period. You need to wait for the full length of your waiting period before your claim will start to be paid to you.

• The death benefit proceeds may form part of your estate which could be subject to inheritance tax.
  
• If you choose level cover please bear in mind that the amount you're covered for won't go up in the future, so you'll be able to buy less with it in the future, compared to today.
  
• We'll only pay for one fracture diagnosed within a 12-month period and certain fractures aren't covered.
  
• Both the fracture cover and death benefit payments are fixed and won't increase with inflation.
  
• When you come to claim, we'll base your claim on 60% of income in the 12 months before you claim, so it's important that you regularly check your cover especially if your income changes.
  
• In the event of a claim, we will deduct any continuing income and any payments from other accident and sickness cover type products from the maximum benefit payable.

Do you cover average income over more than 12 months?

We understand that, especially for those who are self-employed, income can greatly fluctuate over 12 months.

There will be circumstances where we consider looking at income over a 36-month period. If you’re unsure of whether the cover amount you have is correct, then we recommend speaking to a financial adviser who can ensure you have the right cover for your needs.

What happens if my cover term has finished?

If your cover term has finished, then we will no longer be able to pay out in case of injury or illness. 

If we were paying a claim when your cover term ended, then we will stop paying the claim.

Do you take dividends as income?

Dividends from your business can be counted as income as long as the dividends are clearly related to your work activities, the payments are of regular frequency and the dividends are paid from annual profits net of tax.