Income Protection:
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Offering financial reassurance with Income Protection
If your client is unable to work because of sickness or an accident, not knowing if they can pay their bills causes additional worry and stress. Income Protection alleviates that with cover options that pay out when it matters.
Income Protection is typically used to cover clients in less risky occupations (usually office workers) who want to protect their own income. They’ll need to be a UK resident and registered with a GP for at least two years. Our cover offers many valuable features included in the cost, such as:
- Parent and child cover.
- Rehab support services.
- Fracture cover.
- Death benefit.
- Unemployment payment holiday.
- Guaranteed Increase Options – Including one for those clients that rent.
- See a full list of Income Protection cover features.
If your client becomes sick or injured and is unable to work, they’ll receive a monthly benefit of up to 60% of their income – up until they’re able to get back to work or their claim period ends. With level-cover, the monthly benefit is limited to a maximum of £250,000 a year (or £20,833 a month); for inflation-linked cover, the maximum is £175,000 a year (or £14,583 a month).
Product profile
Our Income Protection is suitable for many of your clients – learn more about the main features, suitability, costs and waiver of premium here:
- We won’t pay a claim if your client becomes unemployed or is made redundant.
- The policy won’t pay out if the client is ill but continues to work.
- We won’t pay out in the event of a normal pregnancy.
- There is no cash value at any time.
- To apply, your client must be permanently living in the UK for at least the last two years, aged between 17 and 59, and registered with a GP in the UK continuously for two years.
- If your client stops paying their premiums, their cover might stop.
- If your client chooses level cover, it won’t keep up with inflation and could buy less in the future.
- Your client must be unable to work for the whole of their chosen waiting period before we can start to pay a claim.
- Reviewable premiums may increase or decrease during the term of the policy. The premium is guaranteed not to change for at least the first 5 years of the policy.
- Benefits paid at claim may reduce any state benefits your client might be entitled to.
Cover options to suit your client's needs
Level cover
This offers a fixed amount of cover - it won't change and won't keep up with inflation.
Inflation-linked cover
The amount of cover will go up each year, in line with inflation. The premium goes up by inflation multiplied by 1.5.
Budget Income Protection
This is more affordable for clients with a shorter claim period – either 12 months (with guaranteed premiums), or 24 months (with guaranteed or reviewable premiums).Level cover
This offers a fixed amount of cover - it won't change and won't keep up with inflation.Types of premium
Guaranteed premiums
The premium is fixed – it won’t change unless your client opts for inflation-linked cover. That’s where cover increases in-line with inflation (RPI); the premium goes up by inflation multiplied by 1.5.
Reviewable premiums
The premium won’t change for the first five years – they can then be reviewed every year, based on a number of assumptions. Once we’ve reviewed a premium, we guarantee we won’t change it again for 12 months.Guaranteed premiums
The premium is fixed – it won’t change unless your client opts for inflation-linked cover. That’s where cover increases in-line with inflation (RPI); the premium goes up by inflation multiplied by 1.5.
Flexible protectionTailor your client’s protection to suit their budget and lifestyle with our Flexible Protection Plan – the only menu plan in the market offering specialist income protection. Our Flexible Protection Plan also includes our Life and Critical Illness cover, Life insurance and Family Income Benefit.
And because it’s a menu you’ll benefit from a simpler on-boarding process through Fastway– just one application, one set of underwriting and one Direct Debit.
And because it’s a menu you’ll benefit from a simpler on-boarding process through Fastway– just one application, one set of underwriting and one Direct Debit.
Protection options
With Income Protection suiting your clients in less risky jobs (like office workers or accountants), what does that mean for your clients in riskier jobs?
Personal Sick Pay is aimed at clients who are more expensive to insure (like construction workers, nurses and driving occupations). It’s a more affordable option for many clients as the price increases with age.
Moneyfacts awards
We’re here to make your advice stand out. And as a leading specialist in Income Protection, we’re even easier to recommend to your clients. With our range of products that protect your clients’ income, you can tailor your recommendations by age, lifestyle, budget and occupation.
We’re proud to have been awarded Moneyfacts’ Best Income Protection Provider for the fourteenth year running. See more on our awards for our protection and retirement options.
With a range of practical and emotional support, your clients will get the most from their Income Protection, at no extra cost.
LV= Doctor Services
We’re here for your clients when they need us most. Your clients and their spouse/partner* have access to 6 expert medical advice services – all accessible in a handy app or by phone, wherever they are:
- Remote GP 24/7. Unlimited consultations with a UK doctor available by phone or video.
- Prescription services. Get a private prescription without the need for your client to visit their local GP.
- Second opinion. Check a diagnosis and get advice on treatment options with a UK medical specialist by video or face to face consultation.
- Remote physiotherapy. Up to five free sessions** with a trained UK physiotherapist and receive a bespoke treatment plan through video consultations.
- Remote psychological support. Up to five free sessions** of mental health support including counselling and Cognitive Behavioural Therapy from a network of highly trained therapists.
- Discounted health MOTs. Benefit from 25% off health MOTs - a service that provides an assessment of overall health, identifying any risk and areas of improvement.
*Spouse, civil partner or person with whom the policyholder lives with as a partner and at the same address.
**The five sessions limit is split between the policyholder/life assured and partner/spouse.
Benefits, exclusively for members
Your clients get greater value with our Income Protection. Once your client has taken out a policy with us and agreed to be a member, they can get access to exclusive member benefits and additional support services.
We paid 92%* of Income Protection claims
We offer a clear and fair approach to paying claims.
We’re proud to have paid 92% of Income Protection claims in 2022. A successful claim is as important to your client as it is to you - your clients get vital financial help when they need it most and you feel confident in the provider you recommended.
*92% Income Protection claims paid (includes new claims admitted in 2022 and those already being paid before 1 January 2022 that continued to be paid in 2022) 80% Income Protection for new claims admitted in 2022. Personal Sick Pay claims are not included.
Dedicated support for you
We’re committed to supporting the conversations you have with your clients, with expert underwriting and online quote and apply.
Our underwriting measures an individual’s risk – assessing their lifestyle, medical history, occupation, hobbies and financial circumstances. That means we offer the right terms in relation to risk. But we keep it simple – we offer terms wherever possible and without unnecessary medical evidence.
Our quote and apply system – Fastway – makes it quicker to protect clients. It’s a fast and flexible application journey and gives you an immediate underwriting decision.
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