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LV= reinstates day 1 and week 1 waiting periods for self-employed personal sick pay applicants


Protection specialist LV= is reintroducing day one and week one waiting periods for self-employed customers applying for LV= Personal Sick Pay (PSP). 

LV= were the first to remove restrictions for traditional workers in 2020 and this development will return LV= PSP waiting periods to pre-Covid levels. Restrictions on short waiting periods were adopted by many protection providers in response to the coronavirus pandemic. 

The LV= Wealth and Wellbeing Monitor* – a quarterly survey of 4,000+ UK adults - revealed that self-employed workers are struggling financially or have seen their finances worsen over time:

  • 1 in 5 self-employed describe their current financial situation as ‘struggling’.
  • Self-employed workers are more likely than the general population to say their finances have got worse in the past 3 months (33% vs 26%).
  • A third (33%) of self-employed are worried about money at the moment, while 30% are worried about the future.

LV= Personal Sick Pay is a form of income protection designed specifically for the self-employed and those in riskier or more manual occupations who are harder to insure. It includes a benefit guarantee to protect those who experience a drop in income after taking out the policy. Customers can have up to £1,000 a month cover for the first two years of any claim.** 

A temporary Covid exclusion for symptoms lasting under four weeks will remain for PSP applicants, meaning that a claim won’t be paid during that time if it is due to symptoms of coronavirus, respiratory tract infection, cold or flu. If the symptoms are more serious and last beyond four weeks, the claim will be considered and can be backdated to reflect this.

“LV= is among the first to remove the waiting period restrictions for self-employed customers seeking specialist cover. The pandemic has made people re-evaluate their health and finances, particularly as support through the furlough and self-employed grant schemes have ended. 

“The self-employed – especially those in building trade and driving profession – are very much on their own in the event of an income shock. They don’t qualify for Statutory Sick Pay, so having an immediate income replacement safety net can provide a financial cushion against the sharp impacts of illness or injury

“The return to pre-Covid waiting periods for all, reflects our pragmatic approach as we continue to adapt, respond and do the right thing for our customers. Protection is the bedrock of financial resilience, which has become paramount in light of the pandemic and its effect on the economy.” 

Justin HarperPropositions and Marketing Director at LV=,


* The LV= Wealth and Wellbeing Monitor is a quarterly survey of 4,000+ consumers which examines their attitudes to spending, saving and retirement. LV= surveyed 4,000+ nationally representative UK adults via an online omnibus conducted by Opinium in September 2021. 

** To qualify for the benefit guarantee, customers must be able to prove that they normally work at least 30 hours a week and receive an income. Evidence such as tax returns and payslips can be used to confirm their pay and the hours worked. Those requiring more than £1,000 a month cover, or working less than 30 hours a week, can protect up to 60% of their earnings before tax. Cover should not usually be put in place to cover more than 60% of a customer’s income.