Liverpool Victoria are the UK’s number one provider of individual Income Protection and one of the top providers of financial services.
Since starting out selling Life Insurance at the cost of only a penny per month, LV has 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.
Liverpool Victoria is one of the leaders in the Income Protection market, combining a straightforward product with clear literature and competitive premiums.
Overview of Key Policy Details
Guaranteed or Reviewable
Maximum Claim Duration
Unlimited (to the policy cease age or the policyholder’s death)
1 month / 2 months / 3 months / 6 months / 12 months
Waiver of Premium
60% of your annual income before tax.
Minimum Entry Age
17 years old
Maximum Entry Age
59 years old
Minimum Policy Term
Maximum Cease Age
70 years old
No standard exclusions
We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.
While guaranteed premiums are typically the recommended option depending on your circumstances, LV also offer reviewable premiums.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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 firstname.lastname@example.org.
I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.