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LV= pays £309,000 for income protection claim lasting more than 35 years


Protection specialist LV= has paid out over £309,000 for a single income protection claim lasting more than 35 years. The claim – the longest lasting of LV= income protection claims - is being paid to a woman who was unable to return to work since 1987. She was diagnosed with epilepsy in her twenties after suffering from a brain haemorrhage.

She was 27 when this life-changing event occurred and the income protection policy had only been in place for 16 months. She will continue to receive pay-outs from LV= until 2023, when the policy term ends.

Cases like these that demonstrate the true value of protection are featured in the latest edition of the LV= Fuel for Life report for financial advisers specialising in protection.

The report highlights the support available for financial advisers, demonstrating how protection policies help households overcome financial shocks. It reveals that:

  • LV= paid over £9.4 million* in income protection claims between January and July 2021, supporting over 1,500 policyholders aged between 23 and 64.
  • For FPP Income Protection (IP) claims, cancer, mental health, and musculoskeletal conditions were the top three causes of claim. The average age of IP claimants was 46 years and the average monthly claim benefit was £1,500.
  • For Personal Sick Pay (PSP), developed for those in higher-risk, more expensive to insure occupations, the most common causes of claim were musculoskeletal conditions, fractures and covid-19. The average age of PSP claimants was 41 and the average monthly claim benefit reached £865.
  • LV= has experienced a number of fracture cover claims, paying out £14,300 so far in 2021 

“This claim lasting 35 years just goes to show the true power of income protection. Not only does it demonstrate that life changing injuries and conditions can strike at any age, but they can be long lasting too. Credit must go to the adviser who talked to their client about protecting their income and for putting index-linked cover in place. The claim started out at £93 a week and has risen nearly threefold over time, to a current weekly payout of over £270.

“Financial and practical support can make a positive difference in times of hardship and reinforces again the real value of sound financial advice. I hope stories like these can offer advisers more encouragement and confidence to talk to new and existing clients about their protection needs.

“As part of our #IPAW (Income Protection Awareness Week) pledge, we are running more protection ‘refreshinars’. I’m amazed that over 12,000 have attended our virtual events this year alone. All qualify for CPD and adviser feedback suggests the sessions are informative and can make a positive practical difference.”

Justin HarperProposition and Marketing Director at LV=

LV= has made a series of improvements to its protection policies over 2021 including:

  • Introduced LV= Mortgage and Rent Cover, suitable for renters and flexible workers who would usually need to prove their income to qualify for traditional income protection policies. No evidence of minimum hours worked or proof of income is required when applying or making a claim, the adviser simply has to verify by obtaining documentary evidence that the cover amount does not exceed their client’s rent or mortgage payments.
  • Launched LV= Executive Income Protection, enabling SMEs that find it difficult to access Group protection to provide monthly sick pay benefits for their employees. LV= will cover 80% of the employee’s earnings (including dividends) up to £300,000 a year for level cover and £225,000 a year for inflation-linked cover.
  • Increased non-medical limits and streamlining of medical evidence: LV= now offer some of the highest non-medical underwriting limits in the market.
  • Continuously reviewed its’ COVID philosophy: relaxing  restrictions in line with the improving national picture, to ensure more customers who’ve recently had COVID continue to be accepted on standard rates at point of sale.
  • Re-opened to customers with chronic health conditions: LV= were the first in the market to do so in April.

LV= members also have access to support services including:

LV= Doctor Services (included as standard on all protection policies) gives access to six expert medical services, all available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions.

LV= Member Care Line (included as standard on all protection policies) – Free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.


*9.4 million claims include both new claims and claims already in payment before January 2021, which have remained in payment until July 2021. It includes all of our IP policies including FPP Income Protection, Personal Sick Pay, and other historic IP policies no longer open to new business.