LV= income protection reviews

LV= (Liverpool Victoria) are one of the UK’s leading providers for income protection, being rated 5 stars on Defaqto.

Across all financial services products, LV= is a well-trusted provider, with a 4.7-star rating on Trustpilot.

But what exactly do LV= offer with their income protection? This article will be reviewing their policies to help you understand their products.

Why not use Reassured Advice to compare LV=’s income protection with other market leaders to ensure you’re getting the best available deal?

Keep reading to find out if LV= are the right provider for you…

LV= income protection key features

  • Pays out up to 60% of your income
  • Monthly payments are tax-free
  • Will cover you for accident and sickness that leaves you unable to work
  • Choose from comprehensive or budget cover
  • Own occupation definition of incapacity (the most comprehensive definition which allows you to claim if you are unable to do your specific job)
  • Policies come with a £1,500 benefit guarantee (if your salary drops, you’ll be guaranteed a pay out of £1,500 a month. You’ll need to be working at least 16 hours a week if you’re self-employed or 25 hours a week with an employer)
  • Includes a range of extra features at no additional cost
  • Back to work support and career break options
  • Guaranteed (remain fixed) or reviewable premiums (LV= has the right to change the amount you pay over time) available with cover

What does LV= income protection cover?

LV= income protection will cover you in the event you’re unable to work due to sickness or accident.

Their income protection doesn’t cover redundancy. However, if you lose your job involuntarily you may be able to claim and have 6 months' premiums paid by LV= (this is only possible with policies taken out after January 2017).

Unlike other forms of protection (such as critical illness) there isn’t a specific list of illnesses or injuries you’re allowed to make a claim for, meaning you can claim for any illness that prevents you from working for a prolonged period of time (unless the condition is pre-existing).

LV= income protection can replace up to 60% of your usual income, helping you to cover essential expenses while you’re off work, such as:

  • Monthly mortgage or rental payments
  • Bills and utilities
  • Childcare costs
  • Weekly food shop
  • Transportation costs
  • Leisure costs
  • Other daily living costs

Why not speak to a friendly member of the Reassured Advice team about protecting these costs for you and your loved ones?

We can compare LV= quotes with other leading providers to ensure you get the best deal.

LV= income protection insurance policies

Each option will provide you with a regular income if you’re unable to work due to accident or sickness, but the terms offered will differ slightly.

Across all income protection products, LV= will pay out up to 60% of your usual income.

You’ll also be able to choose between:

Comprehensive cover
This option provides cover if you’re unable to work due to accident or sickness. You’ll be covered for your chosen term length, until you retire or until you’re well enough to go back to work.

Budget cover
This is a more affordable option for those on a tight budget who would like some form of cover in place. Your payment period will be limited to 12 or 24 months (depending on which option you choose). LV=’s budget option can only be taken out with guaranteed premiums.

Reassured Advice can compare quotes from providers that pay out up to 70% of your income, simply get in touch to explore your options.

Let’s look in more detail at the policy types provided by LV=…

Level income protection cover

Level cover means that your monthly benefit amount (the amount paid out to you) won’t change throughout the lifetime of your policy.

The maximum cover amount you can secure is 60% of your usual income (up to a maximum amount of £20,833 per month or £250,000 per year) and the minimum amount you can apply for is £100 a month.

This policy type can help to provide you with peace of mind that your essential expenses will be covered should you become unable to work over a long period of time.

However, the amount paid out to you won’t keep up with the rate of inflation so may buy you less as time passes.

Inflation-linked income protection cover

With an inflation-linked income protection policy, your amount of cover will increase each year with inflation.

As your benefit amount increases, your premium payment will also increase each year in line with inflation (multiplied by 1.5).

Inflation is measured using the Retail Prices Index.

Other than your benefit amount being linked to inflation, the policy will work in a similar way to the LV= level policy.

A maximum of 60% of your usual income will be paid out (up to £20,833 a month or £250,000 a year) and the minimum amount you can apply for is £100 a month.

This can be an ideal option for protecting future costs, however, it may not be well suited to those on a budget as your premium will become more expensive each year.

Cover for doctors and surgeons

LV= life insurance for doctors provides cover for:

  • Doctors
  • Dentists
  • Surgeons

You’ll need to be registered with the General Medical Council or General Dental Council, with a license to practice in the UK to be eligible for this policy type.

This policy option includes a number of special features for medical professionals, including:

  • NHS sick pay guarantee
    If you’re eligible for and receive NHS sick pay you can qualify for LV’s NHS sick pay guarantee. This will pay up to 50% of your income protection benefit when you go on to reduced NHS sick pay. Once your sick pay completely stops, 100% of your benefit will be paid out
  • Increased benefit guarantee of £3,000
    Available to doctors and surgeons. If your income drops, LV guarantee to pay out the original level of cover you chose (as long as you’re working at least 32 hours per week at the point of making a claim). This is to protect you from any drops in income after you’ve taken out the policy
  • Sabbatical cover
    As long as you continue to pay your premiums while you’re on a sabbatical, you’ll be able to keep your normal level of cover. You won’t be able to benefit from this within the first 12 months of your policy
  • No HIV/AIDS exclusions
    There will be no exclusions added to your policy for HIV or AIDS
  • Overseas cover
    You can still claim while working abroad as long as you have no intentions of permanently moving and still have a UK registered bank account. Claims will be paid for a maximum of 26 weeks while you’re aboard

As this policy type is designed to benefit those in the medical profession, it’s an ideal option for doctors, dentists and surgeons.

Personal sick pay

LV= personal sick pay is a specialist form of income protection, aimed at those who may be considered higher risk due to their occupation, such as tradespeople, construction workers, nurses and electricians.

It works in the same way a standard income protection policy would work by replacing lost income as a result of being too ill or injured to work.

Although there are some key differences between the two policy types.

Firstly, a personal sick pay policy will come with age-banded premiums and a much shorter deferred period.

In fact, it’s possible to take out a personal sick pay policy with a day 1 or week 1 waiting period. This means you only need to wait one day or one week to make a claim after three consecutive days of illness or injury.

A personal sick pay plan will also only offer a £1,000 benefit guarantee, whereas their standard income protection offers a £1,500 guarantee.

As personal sick pay is aimed at those with higher risk occupations, it can be an ideal option for those who have struggled to secure income protection in the past due to their job.

Reassured Advice don’t currently offer LV= personal sick pay.

LV= flexible protection plan

LV= flexible plan allows you to combine multiple forms of financial cover, with one application, one set of underwriting and one direct debit.

This allows you to easily combine any of the following policies to ensure all of your needs are covered:

  • Income protection
  • Life insurance
  • Critical illness cover
  • Combined life insurance with critical illness
  • Personal sick pay

Sometimes, multiple policies are needed to cater for different needs and the LV= flexible protection plan will allow you to protect all aspects of your life.

For example, you may require income protection to cover you during your working life as well as a life insurance policy to protect your loved ones if the worst were to happen to you.

It’s possible to secure an LV= flexible protection plan through Reassured Advice (although it isn’t currently possible to secure a plan with personal sick pay).

Alternatively, Reassured Advice can compare separate life insurance or life insurance with critical illness cover and income protection to ensure you’re getting the best deal.

How much does LV= income protection cost?

The price you pay for LV= income protection will vary depending on your personal circumstances.

This is because LV= will require certain information at the point of application to calculate your monthly premium.

This includes:

  • Your age
  • Your occupation
  • Smoking status
  • Heath and wellbeing
  • Policy type
  • Policy length
  • Payment period length

These factors will help LV= determine the level of risk you pose and your premium payment will be calculated accordingly.

There are two premium payment options offered by LV= with both their standard and budget cover. These are:

Guaranteed - This option means the price of your premium is guaranteed and you won’t have to pay anymore throughout the lifetime of your policy.

Reviewable - LV= will calculate your premium payment based on assumptions and will review these assumptions throughout the lifetime of your policy and have the right to make changes to the amount you pay.

Income protection through Reassured Advice starts from as little as 50p-a-day, simply get in touch with a friendly member of the team for your free quotes.

Why not contact Reassured Advice.

LV= income protection terms and conditions

Some terms and conditions for your policy will be unique to you and the policy you have taken out, such as:

  • How much you pay for your premium
  • Your benefit amount
  • The length of your deferred period
  • The length of your payment period
  • The length of your policy

However, some terms will be standard across all income protection policies, such as:

  • An LV= income protection policy won’t pay out more than 60% of your usual salary (with a maximum threshold of £20,833 a month or £250,000 a year)
  • An LV= income protection policy will have an own occupation definition of incapacity (this is the most comprehensive definition and allows you to make a claim if you’re unable to carry out your specific job role. You won’t be asked to do any other job)
  • There will be a minimum amount of cover you can apply for, this is £100 a month
  • There will be a minimum deferred period of 1 month
  • Your payments will be made at the end of the month after your deferred period has ended

It’s always best to check the full terms and conditions of a policy when taking out cover so you know exactly what you are (and aren’t) covered for.

When taking out cover through Reassured Advice, the team will be happy to help you unpick any terminology you’re unsure of.

This helps you to fully understand your policy so you know you’re completely happy with the cover you’re taking out.

LV= income protection coronavirus

The Coronavirus pandemic has had an impact on many aspects of your lives.

Fortunately, it’s still possible to secure cover during these unprecedented times, even if you’ve previously tested positive for COVID-19.

If you have an existing income protection policy, you’ll also still be able to make a claim on your policy as per the terms and conditions of your policy if you become too ill or injured to work.

However, as LV= income protection policies have a minimum deferred/waiting period of one month, it’s unlikely you’d be able to make a claim for coronavirus as symptoms typically last for a week or two.

If you were to become seriously ill with coronavirus, which left you effected for a longer time than one month, it may be possible to make a claim.

To find out more, why not read our full coronavirus income protection guide »

Additional policy benefits

When purchasing an LV= income protection policy, you’ll have access to a range of additional policy benefits. These include:

  • LV= doctor services - provides medical services at no extra cost
  • Teachers sick pay guarantee - this will pay out alongside your usual teachers’ sick pay arrangement if your sick pay matches one of the following; The Conditions of Service for School Teachers in England and Wales, the Department of Education, Teachers terms and Conditions for Northern Ireland or The Scottish Negotiating Committee for Teachers (SNCT) handbook of Conditions for Service for School Teachers in Scotland
  • Parent and child cover - LV= will pay a lump sum if your child is diagnosed with an illness or needs an operation. The lump sum payment will be six times your monthly cover (up to a maximum of £25,000)
  • Fracture cover - if you’re diagnosed with a specific bone fracture, LV= will pay out a lump sum up to £2,200 in addition to any other claim made, with no waiting period
  • Death benefit - LV= will pay out a lump sum to your loved ones if you pass away before the end of your policy. They’ll pay out £5,000 if you pass away four years after the policy start date and £10,000 more than 4 years after the policy start date
  • Rehab support services - to help you return to full health. Support can be claimed as early as the waiting period to prevent you from getting worse
  • Unemployment payment holiday - if you lose your job involuntarily, LV= will pay your premiums for up to 6 months
  • £1,500 benefit guarantee - if your salary drops, you’ll be guaranteed a pay out of £1,500 a month (you’ll need to be working at least 16 hours a week if you’re self-employed or 25 hours a week with an employer)

All of these benefits apply when taking a policy out through Reassured Advice, so why not get in touch to secure your FREE LV= income protection quotes?

LV= personal sick pay vs income protection

Both LV= personal sick pay and income protection are designed to pay out to you if you’re unable to work due to accident or sickness.

The main difference between the two is that personal sick pay policies are aimed at those who have struggled to secure income protection or been offered inflated premiums due to a risky occupation.

Personal sick pay provides those with riskier occupations the opportunity to secure the cover they require.

Whereas a standard income protection policy will suffice for those with occupations that aren’t considered risky.

Personal sick pay Income protection
Ideal for those with higher risk occupations Can be taken out by anyone
Shorter deferred/waiting period Minimum deferred period of 1 month
£1,000 benefit guarantee £1,500 benefit guarantee
Can be included in an LV flexible protection plan Can be included in an LV flexible protection plan
Age-banded premiums (these are premiums that will increase each year as you age, typically at a fixed rate) Guaranteed premiums (your premium payments are guaranteed to remain the same throughout the lifetime of your policy)
Budget option available with a maximum pay out period of 2 years Budget option available with a maximum pay out period of 2 years


LV= personal sick pay isn’t something we can currently compare for you at Reassured Advice, however, we can compare LV= income protection with other leading providers as well as smaller specialists to find you the best quote.

Making an income protection claim with LV=

You can start your LV= income protection claim by calling 0800 756 5869, lines are open from 08:30 to 18:30 Monday to Friday.

Alternatively, you can email healthclaims@lv.com or write to them at:

Health claims LV=
Emperor House
Grenadier Road
Exeter Business Park
Exeter
EX1 3LH

Once your claim has been received, LV= will send you a claims form, this must be completed and sent back. Including any additional information required.

You may be asked to provide the following information:

  • Medical reports (from your GP or doctor)
  • Payslips or a P60 (if you’re employed by an employer)
  • Accounts and tax returns (if you’re self-employed)

You’ll need to continue paying your premiums until you have been notified that your claim has been accepted.

Once your claim has been accepted, you’ll need to wait for your deferred period to end. After this, your payments will commence.

LV= income protection calculator

LV= don’t currently offer an income protection calculator tool.

Calculators can be extremely useful in helping to give an estimate of the level of cover you would require to cover all of your essential costs.

Reassured Advice have created the calculator below, which allows you to input your monthly expenses so you can work out the level of cover you might need.

How much income protection insurance do you need?

Enter your monthly financial commitments to understand the level of income protection cover you require.

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£723 a month is the average monthly mortgage payment in the UK, with the average monthly rental price coming in at £700.

The majority of our monthly income will go towards rental or mortgage payments.

For this reason, it’s essential to have precautions in place to ensure you could keep up to date with your payments if you weren’t receiving your usual income.

Monthly income protection payments can help to cover this large expense and ensure you can stay in your home.

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According to the Money Advice Service, the average household spends £340 a month on household bills.

This includes electricity, gas, TV and broadband.

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Childcare costs are on the rise with it now costing £137.69 per week for part-time nursery for a child under the age of two.

That’s over £550 per month - is this an amount you’d be able to keep up with if you were unable to work?

Becoming ill could also result in the need for additional childcare while you attend doctors’ appointments or medical treatment.

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The average household in the UK spends around £97 a week on their food shop, totaling £388 a month.

While this may seem like a small amount in comparison to some of the other expenses mentioned, the food shop is often where we try to scrimp and save when we fall on hard times.

Income protection can take care of the cost of your weekly food shop, as well as many other essential costs.

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At the beginning of 2020, credit card debt in the UK was at £2.1 billion, with almost 27 million UK residents in some kind of debt.

Becoming unable to work could make it hard to keep up with credit card or loan payments (including car finance or other financed goods).

Failure to keep up with payments could result in additional interest being incurred or late fees issues - resulting in a higher total needing to be paid.

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The average spent on public transport each month comes to an average of £94.

This includes the cost of public transport, as well as petrol and diesel vehicles.

While this amount may reduce while you’re unable to work as you won’t need to commute there may be additional spending on public transportation if your illness or injury leaves you unable to drive.

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Your total cover estimate

£ 0

Let us find your best quotes.

Alternatively, if you’re unsure how much cover you require or what cover is most suitable to meet your needs, why not get in touch to talk with a friendly member of the team?

Reassured Advice can take your personal circumstances into consideration and present you with the most appropriate policy.

Who are LV=?

Liverpool Victoria (LV=) started life in 1843 offering ‘penny policies’ to help cover funeral costs.

Today, they’re one of the biggest names in the industry (with 1.28 million customers worldwide) and offer a wide range of financial protection products:

  • Life insurance
  • Income protection
  • Investments
  • Retirement income solutions
  • Equity release

Not only can Reassured Advice compare LV= income protection but also LV= life insurance. Why not get in touch for your free quotes?

LV= income protection quote

Hopefully, this article has helped you to understand the income protection offered by LV=.

Why not use Reassured Advice to compare LV= income protection with other leading UK providers, as well as smaller specialists, to ensure you’re getting the best deal

What’s more, Reassured Advice can compare income protection quotes from providers that offer to pay out up to 70% of your income.

And the best part is, income protection through Reassured Advice starts from as little as 50p-a-day.

Simply get in touch to get your free quotes.

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