Liverpool Victoria Income Protection
Flexible Protection Plan
Founded
1843
Company Type
Friendly Society
Company Overview
Liverpool Victoria are the UK’s number one provider of individual Income Protection and one of the top providers of financial services.
Since they started out, selling Life Insurance at the cost of only a penny per month, they have grown to acquire over 5.8 million customers, 1.1 million of which are members.
LV Income Protection products range from comprehensive to low cost, with their standard Income Protection policy offering highly flexible cover.
Documentation
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By reaching this page you are eligible for two months FREE cover when you set-up your new Income Protection policy.
Simply fill in the form on this page to apply your two months free discount and get your instant quotes or call us on 02084327333 and state the code VC2MF.
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.
Neil
Pensions Advice
Robert
Income Protection
LV Income Protection Policy Conditions
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Overview of Key Policy Details
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Policy Type |
Income Protection |
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Premium Type |
Guaranteed or Reviewable |
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Maximum Claim Duration |
Unlimited (to the policy cease age or the policyholder’s death) |
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Incapacity Definition |
Own Occupation |
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Deferred Period |
1 month / 2 months / 3 months / 6 months / 12 months |
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Indexation |
Optional |
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Waiver of Premium |
Not Included |
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Maximum Cover |
60% of your annual income before tax. |
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Minimum Entry Age |
17 years old |
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Maximum Entry Age |
59 years old |
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Minimum Policy Term |
5 years |
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Maximum Cease Age |
70 years old |
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Guaranteed Insurability |
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Policy Exclusions |
No standard exclusions |
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.
Josh at Drewberry was extremely helpful and friendly in answering my many questions about the policy before I went ahead.
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.
If you need any further help, please do not hesitate to call us on 01273646484.
Sam Barr-Worsfold
Independent Insurance Expert at Drewberry
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.
Other Liverpool Victoria Income Protection Products…
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Budget Income Protection
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Personal Sick Pay
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Accident & Sickness |
Accident & Sickness |
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2 years Maximum Claim Term |
Unlimited / 2 years Maximum Claim Term |
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Own Occupation |
Own Occupation |
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Guaranteed / Reviewable Premiums |
Age-Banded |
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