We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

Income Protection

Provides a regular income if you're unable to work because of accident or sickness.

  • Pays out if you're too ill to work because of an accident of sickness
  • Gives you monthly payments so you can continue to pay your bills when your income stops
  • Available as comprehensive or budget cover
Man in a leg cast on the sofa with his wife

Types of Income Protection cover

Our Income Protection cover protects you and your loved ones. You can choose the type of cover from the options below.

Level cover

  • The amount you are covered for is fixed when you start paying the premiums, and won't change.
  • This means it won't keep up with inflation, and will buy less in the future.


  • The amount you are covered for and the premium you pay go up each year in line with inflation.
  • We measure this using the Retail Prices Index (RPI).

Types of premiums

With our income protection product you can choose between guaranteed and reviewable premiums. Below is some information regarding the benefits of each.

Guaranteed Premiums

  • Your premium is guaranteed. This means it will not change, unless you have chosen inflation-linked cover.
  • If you have chosen inflation-linked cover, then both your premium and your amount of cover will only increase by inflation each year.

Reviewable Premiums

  • When you apply for your policy we work out the premium you need to pay based on a number of assumptions. We then review these assumptions on an on-going basis and if we need to change our assumptions then we will look at the premium you pay to see if this also needs to change. This means your payments are not guaranteed to remain the same for the whole term of your policy.
  • The premium you pay will not be changed within the first 5 years of your policy starting, but after that we can change it every year. Your premium could then go up, go down, or remain the same.
  • Any change in premium will be in addition to any inflation-linked changes in your premium if you have chosen Inflation-linked cover.

LV= Income Protection - premiums and cover comparison

We've created the table below to help you compare the different options of income protection we provide.

Type of premium and cover

Guaranteed Premiums with level cover

Reviewable Premiums with level cover Guaranteed Premiums with inflation-linked cover Reviewable Premiums with inflation-linked cover

Your premium stays the same

Not included


Not included


Your level of cover stays the same


Not included


Your premium is reviewed each year (after the first 5 years).

Not included
Not included

* Premium and benefit increase in line with inflation

Special cover for doctors and surgeons

As a doctor or surgeon, you'll know better than anyone that ill health or an accident can happen to anyone at anytime. Our income protection product has been enhanced with special features designed for doctors and surgeons, and offers special rates, as we recognise that your needs are slightly different from most people.

Special features include

  • NHS sick pay guarantee
  • Increased benefit guarantee of £3,000
  • Sabbatical cover
  • No HIV/AIDS exclusions
  • Overseas Cover

Find out more about our special cover for doctors and surgeons

You can phone for more information on this product or get advice on your protection needs. Our lines are open Monday to Thursday 9am - 8pm and Friday 9am - 5pm.

You can phone us

Call our UK-based advisers for more information or a quote:

Green phone

0800 756 8523
Quoting offer code IELO

9am - 5pm Monday to Friday

For existing customers call:

Green phone

0800 678 1906

8.30am - 6.30pm Monday to Friday

TextDirect first dial 18001

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

We offer advice on LV= products only.

Existing customer?

Understand life cover

We've created lots of useful information to guide you through the process of finding which life insurance product is right for you.

Which product is right for you?

Why choose LV=

An insurance provider you can trust established in 1843.

  • 90% of new claims paid in 2016
  • UK's largest friendly society

Policy documents

  • Key features
  • Our services
View policy documents

Get advice

Speak to one of our advisers who can make sure you have the right cover for your needs.

Get some Income Protection advice