Coronavirus update

As a protection specialist and a leading income protection provider, we’re continuously monitoring and reviewing developments closely, particularly for our members who have income protection policies with short, day one or one week waiting periods.

Over 40% of these are self-employed, who based on current criteria will have no entitlement to Statutory Sick Pay. Any interruption to their ability to earn can have immediate and significant financial consequences. So, their income protection insurance is an essential and important safety net.

At LV= we offer a clear and fair approach to paying claims and we’ll continue to take this approach when dealing with claims relating to coronavirus.

Confirmed diagnosis

Where a policyholder has a confirmed diagnosis of coronavirus, we’ll assess and pay their claim in the usual way reflecting their chosen waiting period and the policy terms and conditions.

Self-isolation

The following approach applies to existing LV= Personal Sick Pay members, with a ‘day one’ and ‘week one’ waiting period only.

We’ll consider claims for medically-advised self-isolation, which aligns with current NHS 111 guidance (travel from designated risk areas or direct contact with someone with a confirmed diagnosis).

These are highly unusual circumstances, so any decision and payment we make for self-isolation will be outside of the normal terms and conditions. We recognise the importance of speed and common sense in such situations.

We handle all claims by telephone, with our experienced team. Our people will take a pragmatic approach to our usual evidence requirements, taking into account the individual’s circumstances, guidance they’ve been given and any other income they’re receiving during self-isolation. We’ll make decisions immediately and any payments we make for self-isolation (current guidance is for up to 14 days from contact) will be in our member’s bank account within a couple of days.