Liverpool Victoria Income Protection

Liverpool Victoria Income Protection Overview

Liverpool Victoria is one of the leaders in the Income Protection market, combining a straightforward product with clear literature and competitive premiums.

• 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 LV offers on this policy is 1 month.

LV Income Protection Policy Conditions

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Drewberry’s LV Income Protection Insurance Review

While guaranteed premiums are typically the recommended option depending on your circumstances, LV also offer reviewable premiums.

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 until 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 it was given an AA+ rating by Brand Finance for their brand strength.

Liverpool Victoria Income Protection: FAQs

We aim to know the policies we advise on inside out and back to front. Below, we have answered a couple of commonly asked questions with regards to the policy coverage of Liverpool Victoria’s Income Protection.

Q. In which countries will LV allow me to claim on my Income Protection policy as normal?

A. If you are travelling abroad in any of the following countries and need to make a claim, LV will pay your claim while you’re abroad after your waiting period:

Australia; Austria; Belgium; Bulgaria; Canada; Channel Islands; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Gibraltar; Greece; Hungary; Iceland; Ireland; Isle of Man; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; New Zealand; Norway; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden; Switzerland; UK; and USA.

If you are travelling in any country outside of the ones mentioned, your cover will be reduced to a maximum of 26 weeks. If you return to one of the covered countries within these 26 weeks, you will be able to claim as normal from then on.

Q. How much can I increase my cover by if I have received a significant pay rise?

A. Salary increases are included in your guaranteed benefits, so you will not need to resubmit any medical information if you want to increase your Income Protection benefit. If you have received a salary increase of at least 10%, you can increase your cover by as much as 50% of your original benefit. You can do this once every three months.

If you have an increase in salary of at least 20% (or you would like to match your cover to match several salary increases that you’ve had since the start of your policy), you can use the ‘significant career progression’ increase option.

This will allow you to increase your cover up to a maximum of an additional £20,000 per year. This option can only be used once during the term of your policy and only applies if you are not self-employed, nor a director or partner in the company you’re employed by.

Need Expert Income Protection Advice?

As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?

Why Speak to Us…

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• There is no fee for our service
• We are independent and impartial
  Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
• We’ve got bargaining power on our side
  This allows us to negotiate better premiums for you than you going direct yourself.
• You’ll speak to a dedicated expert from start to finish
  You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
• Benefit from our 5-star service
  We pride ourselves on providing a 5-star service, as can be seen from our 2786 and growing independent client reviews rating us at 4.92 / 5.
• Gain the protection of regulated advice
  You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
• Claims support when you need it the most
  You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.

If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.

Pop us a call on 02084327333 or email help@drewberry.co.uk.

Tom Conner
Director