1843
Friendly Society
Liverpool Victoria began as a provider of Life Insurance, with policies costing only a penny a month. Since then, they have developed into one of the UK’s largest and most well-known providers of financial services, with as many as 5.8 million customers and 1.1 million members recorded in 2016.
LV Income Protection policies come with a range of options to help you tailor your cover. Their 3 types of Income Protection policies offer a choice of comprehensive, low cost or easily accessible cover for your earnings.
LV’s Budget Income Protection in particular offers flexible, affordable protection without the need to sacrifice cover.
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.
LV’s Income Protection policies use the Own Occupation definition of incapacity.
If your income falls, LV offer a guaranteed benefit of £1,500 a month, providing your weekly working hours meet or exceed the minimum set by LV.
You can choose between guaranteed and reviewable premiums.
To be eligible to apply for this Income Protection policy, you must be a permanent UK resident that has lived in the UK and been registered with a UK GP for at least 2 years.
You can only claim for a maximum of 24 months if you are incapacitated.
Overview of Key Policy Details
| |
|---|---|
Policy Type | Income Protection |
Premium Type | Guaranteed or Reviewable |
Maximum Claim Duration | 24 months (to the policy cease age or the policyholder’s death) |
Incapacity Definition | Own Occupation |
Deferred Period | 1 month / 2 months / 3 months / 6 months / 12 months |
Indexation | Optional |
Waiver of Premium | Not included |
Maximum Cover | 60% of your annual income before tax |
Minimum Entry Age | 17 years old |
Maximum Entry Age | 59 years old |
Minimum Policy Term | 5 years |
Maximum Cease Age | 70 years old |
Guaranteed Insurability |
|
Policy Exclusions | No standard exclusions |
If you die before the end date of your policy, Liverpool Victoria will pay out a lump-sum of up to £10,000. This benefit will be paid to your estate, which means that may be subject to inheritance. The amount that LV will pay will depend on your policy’s start date and is fixed when your policy starts.
If you become unemployed at some time during your policy’s term, LV will keep you covered for up to 6 months while you are redundant, during which you will not need to pay premiums.
If you decide to return to work while you are partially recovered – either to a different job or the same position with a reduced salary – LV will continue to pay reduced benefits to bring your new, reduced salary up to the same level as your pre-incapacity salary.
LV offers additional cover for specific fractures that is automatically added on top of your normal cover. If you sustain one of the types of fractures listed by LV, they will pay out a lump-sum of up to £2,200. This benefit is available even if you are not claiming for incapacity at the time.
With your LV membership, LV provide you with a range of medical services that you can access by phone or using their Doctor Services app. Benefit from virtual GP consultations, private prescriptions, and convenient access to specialists and consultants to receive a second medical opinion.
In 2016, LV’s operating profit from trading operations was £20 million (£159 million not including the Ogden rate change). 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.
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 Budget Income Protection.
If you need any further help, please do not hesitate to call us on 01273646484.
Sam Barr-Worsfold
Independent Protection Expert at Drewberry
A. A guaranteed benefit of £1,500 exists to ensure that some of your expenses are still covered by your benefit even if your earnings dropped prior to making a claim.
The amount that you will receive will be £1,500 per month minus any sickness payment insurance payouts you’re receiving; 60% of any sickness/retirement benefits you’re receiving; and 60% of any continuing income or pension payments that you’re still receiving whilst you’re claiming.
A. If you reach the end of your maximum claim period your benefit payments will stop, even if you are still unable to work. However, you will still own your policy and may be able to claim for incapacity in the future if you are eventually able to go back to work and are later incapacitated once more.
A. LV does offer proportionate benefit with their Budget Income Protection policies if you return to work part-time or to a different occupation after claiming. However, this benefit will not continue past the maximum claim limit on your policy. Once you’ve been in receipt of benefits (either full or partial) for your policy’s claims limit, payments will cease for that particular claim/condition.
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