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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

Inflation-linked income protection cover

This means that the amount of cover and the premium you pay will both go up each year in line with inflation.

If you choose reviewable premiums, we'll 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.

  • For our Income Protection policy if we are paying your claim when an inflation-linked increase is due, the increase in the amount we pay will be limited to a maximum of 12%.
  • For our Budget Income Protection policy if we are paying your claim when an inflation-linked increase is due we will not increase your amount of cover.
  • We will increase the amount of your cover on each plan anniversary. This means every 12 months from the start date of your plan. This is shown as the plan start date in your Plan schedule.Where we apply this increase, the amount of your cover and premium will both go up in line with the increase in inflation.

How much cover can I have?

  • The most cover you can have is 60% of your annual earned income before tax. This does not include any income from savings or investments.
  • The minimum amount of cover you can apply for is £100 a month. The maximum amount of cover you can apply for is £12,500 a month.
  • If you own a limited company then your income* can also include dividend income from your business as long as:
  • the dividend income is clearly related to your work activities.
  • the frequency of dividend payments must be of an established pattern, rather than irregular one-off payments.
  • the dividends are paid from annual profits net of tax. If the dividends are higher than the profit figure, we will use the net profit figure instead.

* Your income can also include dividends paid to your spouse or civil partner as long as they are also a shareholder, and they don't take over the running of the business. Any dividends paid to your spouse or civil partner must be appropriate for their level of shareholding, and must have been declared for tax purposes. However if your spouse or civil partner has used the same dividend income for their own income protection cover, it can't also be included in your income.

Do you need help?

Phone
Call LifeSearch on:
0800 072 1257

Mon to Thu 8am - 8pm
Fri 8am - 6pm

Existing customer?
0800 678 1906

8.30am - 6.30pm Monday to Friday

Calls may be recorded and/or monitored for training and audit purposes.

LV= have chosen to partner with LifeSearch to offer customers independent advice for protection products.

More about LifeSearch and your protection needs

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

Need to make a claim?

Speak to one of our experienced claims advisers to help guide you through the process.

How to make a claim