About LV= (Liverpool Victoria)

LV= (Liverpool Victoria) is a mutual protection, savings and retirement provider, founded in 1843. It has 1.28 million customers – 1.25 million of which are members. LV=’s mission has always been the same: ‘to help people live more confident lives’. As of January 2020, LV= moved away from its friendly society status to become a company limited by guarantee.

LV= income protection policy features

If you buy your income protection through LV=, your policy is likely to come with the following features:

Back-to-work benefit If you become able to work while making an income protection claim, but can only go back part time (or to a different job with a lower salary), you’ll continue to receive a proportion of your income protection benefit.
Rehabilitation Access to rehabilitation services to help you get back to work more quickly. This could include physiotherapy, counselling, or any other service/procedure that might help speed up your recovery.
Benefit guarantee Your income protection benefit will never fall below £1,500/month – as long as you bought at least that amount when you took out your policy. You normally need to be working a minimum number of hours to qualify for this benefit.
Death benefit If you die within four years of taking out your income protection policy, your family will receive a £5,000 lump sum. If you die after four years, they’ll receive a lump sum of £10,000.
Family carer benefit If your child falls seriously ill with one of the illnesses specified in your policy, you can claim a lump sum of 6x your monthly benefit straight away.
Guaranteed insurability You’ll have the opportunity to increase your income protection cover after certain life changes. In an LV= policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your existing mortgage.
Waiver of premium Most income protection policies come with this handy add-on that means you won't keep paying your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

LV= income protection extra policy benefits

LV= income protection policies also come with extra benefits, outlined below. These features are ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and can be provided by a third party. Everyone is eligible for them – though they’re usually only made available if you buy your LV= policy through an adviser.

Doctor services by Square Health This benefit gives you access to a number of expert medical services using the latest technology. This includes: up to five GP video consultations per year; private prescriptions; a second medical opinion; video consultations and bespoke treatment plans with a trained physiotherapist; up to five counselling or CBT sessions via video consultation; and 25% off health MOTs.
LV= Member Care helpline This helpline gives you unlimited access to a team of medical professionals for health advice and counselling services; and to qualified solicitors and legal executives for legal advice.

LV= income protection claim rate

In 2018, LV= paid out 95% of new and existing income protection claims, amounting to £14.3m. Income protection claims not being paid out are usually due to not meeting the insurer’s definition of incapacity or misrepresentation (i.e. providing inaccurate information during the application process).

LV= income protection prices

The following prices are based on:

  • Healthy 25-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £25 £31
26 weeks £21 £27
Short-term 13 weeks £10 £12
26 weeks £9 £11
  • Healthy 25-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £44 £66
26 weeks £35 £52
Short-term 13 weeks £16 £22
26 weeks £13 £18
  • Healthy 35-year old male or female office worker
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £36 £44
26 weeks £32 £42
Short-term 13 weeks £14 £16
26 weeks £12 £15
  • Healthy 35-year old male or female plumber
  • £1,500 of level income protection cover
Product Waiting period Non-smoker Smoker
Long-term 13 weeks £62 £95
26 weeks £52 £91
Short-term 13 weeks £23 £31
26 weeks £20 £27

Long-term: LV= Income Protection
Short-term: LV= Income Protection Budget
Quoted on 06/03/2020

It’s important to make an informed decision when buying income protection – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).

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This review is intended for informative purposes only and does not constitute advice.