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 policy through LV=, your policy is likely to come with the features outlined below. Here we'll explain what the feature is, what it means for you, and how it compares to other insurers on the market.
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. The idea is to make up for a potential income shortfall while you recover. | LV=’s back-to-work benefit is in line with other insurers in the market. This is a handy benefit to have, as it gives you some flexibility and security as you make your return to work. |
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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. | LV=’s rehabilitation benefit is good – in line with other insurers who offer this feature. Many insurers don't offer this feature at all. |
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. | LV=’s benefit guarantee on income protection policies is good. The amount is on par with other insurers who offer this benefit. Meanwhile, other insurers offer lower benefit guarantee amounts, or don’t offer the feature at all. |
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. | Some insurers don’t offer death benefit at all, so this is a good feature to have on your income protection policy – and the amount paid out by LV= is on par with other insurers who offer this feature. |
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. | Again, many insurers don’t offer family carer benefit, so this is a good feature to have on your income protection policy. The amount paid out by LV= is on par with other insurers who offer this feature. |
Guaranteed insurability | You’ll have the opportunity to increase your income protection cover after certain life changes. In an LV= policy, this includes:
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For the life changes it covers, LV=’s guaranteed insurability feature is good. It allows you to increase your cover by up to 50% (though as with other insurers, there's usually a cap placed on the total amount of cover you can increase to). Some other insurers offer less flexible versions of this feature, don’t offer it for these life changes, or don’t offer it all. Meanwhile, there are some circumstances not covered by LV= that are covered by other insurers. Namely:
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Waiver of premium | This handy add-on means that 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=’s waiver of premium benefit is in line with other insurers in the market. Having this benefit gives you peace of mind in case you can’t work for health reasons. |
LV= income protection extra policy benefits
LV= income protection policies also come with extra benefits, outlined below. These features are what's known as ‘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. |
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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 2020, LV= paid out 95% of new and existing income protection claims, amounting to £14.6m. The most common reasons for claims were musculoskeletal problems (22%), cancer (18%), and mental health (15%).
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 |
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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 |
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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 |
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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 |
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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