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.

Find out more about level income protection cover

Inflation-linked

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).

Find out more about inflation-linked income protection cover

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 inflation-linked cover	Reviewable Premiums with inflation-linked cover
Your premium stays the same	*	*
Your level of cover stays the same	*	*
Your premium is reviewed each year (after the first 5 years).

* 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.