Liverpool Victoria Income Protection

Liverpool Victoria Income Protection Overview

 

LV’s Income Protection uses an Own Occupation definition of incapacity.

 

In order to apply for Liverpool Victoria’s Income Protection, you must be permanently living in the UK, a UK resident for a minimum of 2 years, and be registered with a UK doctor for at least 2 years.

 

LV offers a guaranteed benefit of £1,500 with their Income Protection policy if your salary decreases.

 

LV Income protection automatically includes fracture cover, which pays out a lump sum up to £2,200 in addition to your usual benefits. This benefit can be used even if you’re not making a claim.

 

LV’s policy includes death benefit, which pays out a lump sum of up to £10,000.

The shortest deferred period they offer on this policy is 1 month.

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Drewberry’s LV Income Protection Insurance Review

Key Comparison Points

• LV’s Income Protection offers own occupation cover to all policyholders, which mean that you will be able to claim as long as your injury or illness prevents you from being able to carry out your duties in your specific occupation.
• This policy has special conditions for teachers and medical professionals. This includes increased benefits, sick pay mirroring and adjusted definitions of incapacity.
• LV will allow you to claim on your policy as usual if you are in a country that is specified in your policy. If you are not in any of these countries and are elsewhere outside of the UK, LV will allow you to claim Income Protection benefits for a maximum of 26 weeks unless you return to one of the specified countries.

Additional Benefits

Fracture Cover

LV includes Fracture Cover with its Income Protection policies to cover specific fractures. This benefit pays out a lump sum that you will receive in addition to your usual benefits. The amount you receive will depend on the type of fracture, with the maximum payout being £2,200.

Return-to-Work Benefit

If you are recovered enough to return to work but only on a part-time basis, or if you aren’t well enough to return to your occupation and instead take a different job with a reduced salary, LV may continue to pay a benefit to top up your reduced income to pre-incapacity levels.

Unemployment Payment Holiday

Included as standard, this benefit allows you to stay covered by your Liverpool Victoria Income Protection while you’re unemployed. Your cover will last for up to 6 months of being redundant and you will not need to pay your premiums during this time.

LV Doctor Services

Once you are an LV member, you will be able to use LV’s Doctor Services which you can access either through a specially provided app or by telephone. These services include convenient access to private prescriptions, remote GP services, and contact with doctors and specialists for a second medical opinion. You can use these services for yourself or for your children up to the age of 16.

Financial Strength

In 2016, LV’s operating profit from trading operations was £20 million. The group capital surplus on a Solvency II Standard Formula basis was also estimated at £367 million.

In 2017, LV’s net earned premiums reached £2.2 billion and they were given an AA+ rating by Brand Finance for their brand strength.

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Other Liverpool Victoria Income Protection Products…

Budget Income Protection	Personal Sick Pay
Accident & Sickness	Accident & Sickness
2 years Maximum Claim Term	Unlimited / 2 years Maximum Claim Term
Own Occupation	Own Occupation
Guaranteed / Reviewable Premiums	Age-Banded

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