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Income Protection for medical professionals

People in medical professions aren't immune to ill health and accidents that could stop them from earning. That's why our Income Protection includes a number of features which have been designed especially with doctors, surgeons and dentists in mind.

Features included as standard

  • NHS Sick Pay Guarantee
  • £3,000 Benefit Guarantee
  • Sabbatical Break cover
  • Cover while working abroad
  • No HIV/AIDS exclusion
  • All the standard features of Income Protection

Options

  • Coverage up to 60% of your client's income
  • Level and inflation linked cover
  • Budget 24-month payout period
  • Budget 12-month payout period (guaranteed premium basis only)
  • Guaranteed or reviewable premiums

Product Profile

A summary of the relevant product information about Income Protection, in accordance with the Insurance Distribution Directive.

Additional services

  • Access to the LV= member helpline gives 24/7 access to health advice, counselling services and expert legal advice
  • LV= Doctor Services which gives your clients access to 3 expert medical advice services through one handy app wherever they are

A closer look...

We’ve made it easier for you to recommend Income Protection to your clients who are doctors, surgeons and dentists with the LV= NHS Sick Pay Guarantee.

Unlike other sick pay guarantees in the market, you don’t have to be employed directly by the NHS to be eligible. This means clients working in occupations covered by NHS sick pay but not directly employed by the NHS can also be covered, like GP’s.

Under our guarantees, as long as your client chooses a 12 month waiting period we’ll pay out to fit alongside their sick pay arrangements. This helps reduce the premium by removing the need for complex split waiting periods, removes the risk of over and under insurance and ensures your client gets their money when they need it.

This sick pay guarantee only applies to the income your client earns from the occupation that is covered by NHS sick pay. Any other income your clients receives which doesn't entitle them to NHS sick pay is not covered within this sick pay guarantee.

Length of NHS service

LV= Sick Pay Guarantee 50% of monthly benefit after...

LV= Sick Pay Guarantee 100% of monthly benefit after...

During the first year of service

1 Month

3 months

Second year of service

2 months

4 months

Third year of service

4 months

8 months

During the fourth and fifth year of service

5 months

10 months

After completing five years service

6 months

12 months

Male icon of a doctor

Here's an example of how the NHS Sick Pay Guarantee works:

Raj has worked as an NHS doctor for four years and is earning £60,000 per annum. His adviser picks the full 60% of pre-tax income allowed £36,000 / £3,000 per month as his income protection benefit, with a 12 month waiting period.

For the first five months he gets his sick pay from the NHS (100% of his post-tax income). Then for the next five months he gets 50% of his post-tax income (half pay from the NHS) plus 50% of his LV= Income Protection benefit (£1500).

Although it’s more than the 60% of the income limit allowed (£1,500), we don’t make deductions for the continuing sick pay that he is receiving from the NHS. After ten months, Raj’s NHS sick pay stops and we’ll pay him 100% of his Income Protection benefit, £3,000 a month.

At LV=, we don’t like the idea of your clients not getting what they paid for. So, we’ve introduced the LV= £3,000 Benefit Guarantee. It’s available to doctors and surgeons who are licensed and registered to practice in the UK with the General Medical Council.

With our £3,000 benefit guarantee, no matter how much your client’s income may have dropped or when they come to make a claim (as long as they are working at least 32 hours a week), we guarantee to pay them at least £3,000 a month. If they chose cover of less than £3,000 a month, then we guarantee to pay the level of cover they chose. Less any continuing income they’re still receiving (explained further in Appendix 1 of the plan conditions).

The aim of this guarantee is to protect your client against a genuine drop in income after they take out the policy. And because we won’t deduct anything if your client receives state benefits, they’ll get that money on top of what we pay them too. However, payments from this policy may affect your eligibility to claim some state benefits and the amount you are able to claim.

Our sabbatical break cover allows your client to take an extended break (up to two years) away from their role to study or work abroad. As long as your client continues to pay their premiums, we'll treat them as if they were working in their normal role, and they'll keep their normal level of cover, own occupation and definition of sickness.

Your client won't need to tell us they're taking a sabbatical, they just need to be able to prove:

  1. The sabbatical was approved by their employer

    And
  2. Their job was kept open for them

Please note your client is unable to benefit from sabbatical break cover within the first 12 months of their policy starting.

If your client is considering working abroad, we can offer flexibility. Your client can still maintain their cover, and we won’t cancel their policy as long as there was no intention to permanently move overseas when their policy was taken out. Your client can claim whilst abroad if they have a registered UK bank account. We will only restrict a claim if it comes from outside of Europe, USA, Canada, Australia or New Zealand, where we will only pay a claim for a maximum of 26 weeks.

Doctors and Surgeons are often exposed to the risk of needlestick. And whilst the risk is small, you and your client can be reassured to know that we don't have exclusions for HIV/AIDS.

Our Income Protection includes a number of features for all plan holders including:

  1. Fracture cover at no extra cost
  2. Death benefit
  3. Payment of premiums during unemployment (payment holiday)
  4. Parent and child cover
  5. Rehab support services

All of our features are covered in full in our policy documentation.

Income Protection

Budget Income Protection

Waiver of Premium

Type of pay-out

  • Monthly income after chosen waiting period.
  • Lump sum if your client dies before the end date.
  • Lump sum if your client is diagnosed with a specific bone fracture.
  • Lump sum if your client’s child is diagnosed with a specific illness, or undergoes a specific operation or medical procedure.
  • Monthly income after chosen waiting period.
  • Lump sum if your client dies before the end date.
  • Lump sum if your client is diagnosed with a specific bone fracture.
  • Lump sum if your client’s child is diagnosed with a specific illness, or undergoes a specific operation or medical procedure.

Pays the plan monthly premiums after a waiting period

Types of cover

Level/inflation-linked

Level/inflation-linked

N/A

Term

Minimum 5 years

Minimum 5 years

Age 69 or the end of the plan term if earlier

Minimum age attained at entry

17

17

17

Maximum age attained at entry

59

59

59

Maximum age attained at end of policy term

69

69

69

Minimum premium

£5 a month

£5 a month

Based on the total plan premium

Monthly cover limits

  • Level - £20,833
  • Index Linked - £14,583
  • Level - £20,833
  • Index Linked - £14,583

N/A

Maximum claim period

Lasts until the earlier of:

  • your client gets better
  • the policy end date
  • your client dies

Lasts until the earlier of:

  • 12* or 24 months claim period
    (multiple claims available)
  • your client gets better
  • the policy end date
  • your client dies

*available with guaranteed premiums only for the 12* month

Lasts until the earlier of:

  • your client gets better
  • the policy end date
  • your client dies

Waiting period

1, 2, 3, 6 or 12 months

1, 2, 3, 6 or 12 months

This will match the waiting period selected for Income Protection / Budget Income Protection. Maximum waiting period of 6 months

Split waiting periods available

Yes

Yes

Eligibility criteria

A permanent UK resident and have lived in the UK and have been registered with a UK GP for the last two years

A permanent UK resident and have lived in the UK and have been registered with a UK GP for the last two years

Your client must be a permanent UK resident

Extras
(included as part of the contract)

  • Career break option
  • Rehab support services
  • Fracture cover
  • Death benefit
  • Payment of premiums during unemployment
  • NHS Sick pay guarantee
  • Member benefits
  • Parent and child cover
  • LV= Doctor services
  • Career break option
  • Rehab support services
  • Fracture cover
  • Death benefit
  • Payment of premiums during unemployment
  • NHS Sick pay guarantee
  • Member benefits
  • Parent and child cover
  • LV= Doctor services

N/A

Income protection (IP) is an everyday essential which works when your client can’t. The cover protects your client’s income if they are unable to work because of an accident or illness and pays out an ongoing, regular benefit.

What’s the real risk?

The biggest financial risk your working clients are exposed to is being off work for two months or more because of an accident or illness, before their chosen retirement age. And without the right protection in place the financial impact can be devastating. Not only maintaining the home and lifestyle they’ve worked so hard for, but having enough money to get by, so they can concentrate on getting better.

According to consumer magazine, Which? income protection is the one insurance policy every working adult should consider. However, it remains seriously undersold. At LV= we believe everyone should be supported if they’re ill and unable to work, with quality financial protection that pays out when it matters, which is why we recommend adding income protection to every client conversation.

Why should I lead my protection conversations with Income Protection?

If you asked your client to name their biggest asset, what would they say? Their house? If you think about it, your client’s house is actually their biggest liability (assuming they have a mortgage). And believe it or not, your client themselves is actually their biggest asset.

Client scenario
Lady icon

Lisa is 35, a smoker, and earns £27,000 a year. She'll be retiring at 68 (the earliest she'll be able to claim her state pension).

Over the course of her working life she'll earn over £1 million, something definitely worth protecting.

Using the Risk Reality Calculator, Lisa has a:

  • 59% chance of being unable to work for 2 months or more
  • 20% risk of suffering a serious illness
  • 10% risk of death
  • 66% likelihood of any of the above happening

Sales techniques

How do you introduce your client to the importance of protecting their income? Many advisers we work with use analogies or sales concepts to help clients understand the importance of protecting their income. All are very simple, involve the client and can be used with just a pen and paper and a bit of well practiced delivery. Here are a few tried and tested ideas:

Dovetailing (income) protection with your way of working

How do you set out your stall with your clients and where does the ‘protection conversation fit in?


Most protection is sold/taken out as a result of a life event, and most commonly when buying a/or moving home. The new MMR regulation is focused on people’s ability to afford and repay their mortgage. But the regulations fall short of requiring a borrower to have provisions in place to afford and repay their mortgage if their income stops.

As a professional adviser doesn’t it make good sense – and prove your value – to ensure your client is taken care of no matter what happens (good or bad)?

How do you set out your stall with mortgage clients? Some explain it very simply along the lines of

“I’m here to help you get the home you want and make sure you keep and enjoy it, come what may.”

Do you talk about the importance of affordability if the unexpected happens and the journey you’ll take them through? This doesn’t mean you have to dive straight into a protection fact find. It simply helps the client to buy into you, into what you do and what it gives to them. And it avoids any unwelcome surprises or awkward conversations down the line.

Some advisers manage expectations by asking for an overall mortgage and mortgage related ‘monthly budget’ from their client and ‘contract’ to work to this for both the mortgage and relevant protection (which could include buildings and home & contents too).

Where you fit the ‘protection’ conversation into your process is down to you. It needn’t be a totally separate exercise. As part of the affordability discussion for a mortgage many advisers capture income and outgoings. You can use a budget planner for that purpose, and start to sow the protection seed for later.

The four boxes

Designed to illustrate that many people forget to insure their most important asset... their earning power.


4 Boxes with £1k (TV), £10k (car) £100K (house) and £1m (anything precious).

Firstly draw a grid of 4 boxes. Write £1,000 in one box, £10,000 in the next, £100,000 in the third and £1 million in the last (or use more up-to-date or client relevant values, but hopefully you get the idea!)

Discuss each box in turn.

£1,000 represents the value of their plasma TV/surround system - does your client have theirs insured? (Most people do as part of their contents insurance).

£10,000 represents the value of a typical car. Is theirs insured? (Car insurance)

£100,000 represents the value of their home (you may want to update this amount to reflect house prices in your area!). Is theirs insured? (Buildings insurance)

Finally the £1 million box - ask your client what asset that might represent? It's by far their biggest ... The answer - is that it represents their present and future earnings.

Your client's income pays for everything in the other boxes and in life too, now and in the future. So ask and discuss, why don't they insure that? And they shall see the light....

The Money Making machine

Designed to highlight the source of the everyday things your client pays for, consumers and enjoys.


Crazy looking money making machine

You unlock the door to the cellar and down you go. There is a strange machine. You switch it on and crank the handle. Out come hundreds of shiny £1 coins, enough to pay the mortgage, feed and clothe you, keep you warm and safe.

Now you find out that the manufacturer has gone out of business and the machine can never be replaced.

However all existing owners are offered a maintenance contract that, for a few pounds a month guarantees to keep working to produce the pounds you need each week. Would you take it? Of course you would.

The manufacturer is the client. The machine is the income the client produces each week. If the client is unable to work the money stops. The maintenance contract is ‘income protection’. The premium is the cost of the maintenance contract.

The plug

A client’s lifestyle might soon disappear if their income stopped. Save their life from going down the plughole.


Plughole surrounded with Income, Pension, Savings and Mortgage.

Draw a box and divide it into 4 quadrants with a circle in the middle> Write ‘Income in the top left box, Pension in the top right, ‘Savings in in the bottom left and ‘Mortgage/Rent’ in the bottom right.

Suggest that your client isn’t able to work for a period ( a week, 1 month, 3 months… whatever you feel is relevant to them, depending on what sick pay they might get for their employer)

After that period, they’d lose their income (cross this box out)

Next they might stop paying in to their pension (cross this box out)

They could use their savings to get by and may be pay their mortgage and bills for a while… until they run out (cross out the savings box)…

… which would mean that they stop paying for their mortgage/rent… and lose their home (cross that box out)

Essentially, their life would disappear down the plughole…

Explain that you can give them a ‘plug’ that would stop all of that happening. It’s called income protection, would they like to learn more?

Budget planner and PIGY

A simple questioning and listening technique to help clients explore the impact of something ‘going wrong’.


A budget planner together with the simple ‘PIGY’ questioning structure can help this really come alive and make matters far more emotional.

It’s amazing how things add up. Use our budget planner to list and total all the things that a client pays for from their take-home pay. Then compare it to what support might be available from the State if they were unable to work because they were ill. Time to use ‘PIGY’

If you were unable to work…

  • “What Problems would you face?”
  • “What Implications would that have (for you and your family)?”
  • “What would you want/have to Give up?”
  • “How would that make You feel?”

The LV= Risk Reality Calculator

Strange isn’t it how people suddenly become invincible when discussing protection; convincing themselves that “it won’t happen to me”’? At LV=, we’ve developed a tool for advisers to use with clients that tackles this false perception head on.


A simple and powerful online tool to help your clients grasp the importance of financial protection in just a few seconds. You just need to enter four personal details about your client and instantly their personalised results will reveal the likelihood of them...

  1. being unable to work for two months or more (due to sickness or accident)
  2. suffering a serious illness
  3. dying
  4. and the probability that any of these could happen before their chosen retirement age.

Help make your protection conversations with clients far more immediate, personal and real.

Visit the Risk Reality Calculator

We hope you find these ideas, guides and tools useful. If you have any feedback, please email us or speak to your LV= account manager.

Great reasons to choose LV= for Income Protection

Award winning

Award winning

Although we’re proud of our income protection product range, we were thoroughly delighted to scoop these prestigious awards back in 2017. It was a hat trick for LV= Income Protection – as we won all three industry awards.

This year we’re delighted to add Moneyfacts’ Best income protection provider for the ninth year running, to our collection.

Being recognised as the best provider with the best income protection, we would like to thank you for your support. And of course, this also gives you another reason to recommend LV= to yours clients!

Moneyfacts and Cover Excellence Awards Winner
Health Insurance Awards Winner
Strong claims performance

Strong claims performance

Making sure your client has a successful claim is as important to your client as it is to you. Your clients get vital financial help when they need it most and you feel confident in the provider you recommended.

We’re proud of our performance with 93%* of all Income Protection claims were paid in 2019 totalling over £14.2 million.

*93% Income Protection claims paid (includes new claims admitted in 2019 and those already being paid before 1 January 2019 that continued to be paid in 2019) 81% Income Protection for new claims admitted in 2019.

Better underwriting

We know advisers are not usually medical experts so we help out as much as we can. This means you can concentrate on providing the best financial advice for your client.

  • We have no standard exclusions on our income protection plans making it straightforward to explain to your client.
  • We don't have an automatic need to see a GP report for monthly cover amounts less than £12,501
  • Our online application system is powered by a strong, intelligent underwriting rules engine which means that you're more likely to get an instant decision.
  • We have flexible medical examination arrangements. If your client needs a medical examination, we could send a nurse to visit them at home or work or use a medical examiner at a convenient location.
  • We pay for medical underwriting (except medical certificates such as sick notes).
  • We have a dedicated underwriting hotline to help you iron out any potential issues your client may have.
Value add services

LV= Doctors services

LV= Doctor Services gives your clients access to six medical services via one simple app or phone call:

  • Remote GP
  • Prescription Services
  • Second Opinion
  • Remote Physiotherapy
  • Remote Psychological Services
  • Discount health MOTs

Member benefits

Every client who is covered by one of our personal or business protection and retirement products automatically becomes a member of LV=. This means they are entitled to a range of added benefits and support. These include free and unlimited access to our 24/7 confidential member helpline and discounts on a number of LV= insurance products.

Our LV= member helpline gives you 24/7 access to health advice, counselling services and expert legal advice.

Being an adviser isn't just about selling products. With this in mind we aim to help you as much as we can. See below for information to help support your business sales.

State benefits

Current benefits - tax year 2020-21

Benefit

Amount per week

How long

Are my self-employed clients entitled to it?

Statutory Sick Pay

£95.85

Up to 28 weeks

Green tick

Clients in permanent employment

Red cross

Self-employed

Employment Support Allowance: Assessment rate

£58.90 under age 25

£74.35 aged 25 or over

Up to 13 weeks

Green tick

Clients in permanent employment

Green tick

Self-employed

Employment Support Allowance: Work-related activity group

Up to £74.35

Higher amounts were payable for applications made before 3 April 2017

Up to 52 weeks

Green tick

Clients in permanent employment

Green tick

Self-employed

Employment Support Allowance: Support group

£98.10 for under age 25

£113.55 for age 25 and over

n/a

Green tick

Clients in permanent employment

Green tick

Self-employed

  • Statutory Sick Pay - If your client's unable to work due to illness or injury and isn't entitled to sick pay from their employer, they might be able to get Statutory Sick Pay. This is paid for a maximum of 28 weeks; after 28 weeks, they may then be awarded Employment & Support Allowance. It’s also worth remembering self-employed clients aren’t entitled to Statutory Sick Pay.
  • Employment & Support Allowance - Employment and Support Allowance is not paid alongside SSP and is awarded to those unable to work due to illness or disability. During the first 13-week assessment phase, the state determines whether your client's illness or injury affects their ability to work. Claimants may then be awarded a higher rate of ESA which is regularly reassessed.

The amount they get depends on their circumstances. Try our online Shortfall Calculator to see how much they might get, and show how much their salary might drop if they were unable to work because of sickness or an accident.

Suitability wording

We’ve produced a range of template paragraphs that are designed to describe generic features of each type of policy, as well as the specific benefits of our own products. You can use and adapt these paragraphs to help construct your own Suitability Letters.

 

A good suitability letter is:

  • your opportunity to justify and reinforce the reasons for your advice and recommendations
  • an excellent opportunity to document unmet and future needs and the importance of ongoing review discussions
  • your record of the discussions held and the recommendations made/not made and why

It should be clear, fair and not misleading. It should be personal, explain the reasons why a recommendation has been made and how it meets the customers needs and objectives. It should highlight any risks involved.

LV= has taken care to ensure the accuracy of the information at the time of issue but does not accept liability resulting from your use of it.

Calculators

Choice calculators to support your discussions

Income Shortfall Calculator

Show your client how little they'll have to live on if they were to be unable to work.

Split Waiting Period Calculator

Calculate the maximum LV= Income Protection available, through two separate policies.

Underwriting support

Pre-underwriting helpline

Go straight through to our underwriters who can quickly answer questions like exclusions or loading.

Email: [email protected]
Call: 0800 678 1893
8:30am to 6:30pm Monday to Friday
TextDirect: first dial 18001

Tele-interview service

Our underwriters may need more information on either a particular area, or simply in relation to the amount of cover applied for.

Our team of friendly, fully trained UK based tele-interviewers, will call your client to gather details of their health and medical history so we can assess their application. This usually takes between 20-30 mins.

You can read our Tele-interview guide to help prepare for ain interview.

Tele-interview booking service

You or your client can book a tele-interview appointment with us directly online within 30 mins, without having to contact our new business team.

  1. It's usable as soon as you have the policy number.
  2. It shows all of the appointments available.
  3. You can book appointments as early as an hour after submission or up to seven days in advance.
Pre-underwriting tool

What is it?

Our Pre-Underwriting Tool, part of Fastway, allows you to enter illnesses and conditions (disclosures) giving instant, indicative underwriting decisions at any time.

Where to find the tool

  1. Log into Fastway
  2. Choose "New Pre-UW Enquiry" at the top of the page
  3. Refer back to the decision by accessing the record’s unique ID in your Fastway dashboard
Underwriting and financial limits (monthly amount of cover)

Age next birthday

TI*

PSR**

Cotinine***

ME

BIOCHEM

PROF

HbA1c

GPR

HIV

To age 41

£2,773

£4,772

£4,772

£6,504

£6,504

N/A

N/A

£12,501

£10,001

42-46

£2,388

£3,579

£3,579

£4,338

£4,338

N/A

N/A

£12,501

£10,001

47-51

£1,912

£2,388

£2,388

£3,254

£3,254

N/A

N/A

£12,501

£10,001

52-56

£1,434

£1,673

£1,673

£2,171

N/A

£2,171

£2,171

£12,501

£10,001

57-60

£958

£1,197

£1,197

£1,521

N/A

£1,521

£1,521

£12,501

£10,001

* TI not required if PSR or ME or GPR required. ** PSR not required if ME required. *** Cotinine required on non-smokers only.

Make a claim

Making a claim on behalf of your client

You can contact us in the following ways to notify us that your client wishes to make a claim;

  1. phone: 0800 756 5869
  2. email: [email protected]
  3. post: LV= Health Claims Team, Emperor House, Grenadier Road, Exeter Business Park, Exeter, EX1 3LH

The information we need

For most claims, we’ll send your client a claim form. This should be completed, and include the name and contact details of your client's GP or medical specialist, as well as any supporting medical or financial evidence requested in the claim form. We may also ask for:

  • Basic details of the reason your client is unable to work.
  • Financial evidence as detailed in the claim form.

Paying the claim

  1. We’ll keep your client (and you) informed throughout the claim.
  2. We'll contact your clients GP or medical specialist directly to follow up on any outstanding requests for medical evidence.
  3. We’ll let your client know if there’s anything they can do to speed up their claim payment.
  4. We’ll normally pay the claim within 48 hours of receiving all the required evidence and making a final decision.
  5. We offer your client free access to a medical second opinion from one of the UK’s biggest networks of medical professionals through LV=’s partner Square Health.
Claims performance

93%* of all Income Protection claims were paid in 2019

Here at LV=, we offer a clear and fair approach to paying claims, as we believe anyone can be affected by long-term illness – regardless of age or lifestyle.

We’ve paid £14.2 million in Income Protection claims (including new claims of £2.1m and existing claims still in payment of £12.1m). Take a look at our full 2019 claims performance.

Here is a breakdown based on new claims admitted in 2019:

New claims in 2019

Income Protection

Total value of claims paid

£2.1m

Average claim paid (total)

£7,033

Highest claim paid (total)

£104,609

Average age of policy at claim

7 yrs 5 mth

Ave. age customer at claim

Income Protection

Male icon

Male

46

Female icon

Female

45

An icon of a man and lady

Youngest customer

19

* 93% Income Protection claims paid (includes new claims admitted in 2019 and those already being paid before 1 January 2019 that continued to be paid in 2019) 81% Income Protection for new claims admitted in 2019.

FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK