Life Protection:
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Servicing
Cover that pays a lump sum on death during a set term
No-one wants to think about leaving their loved ones behind and for them to suffer financial hardship. So if the worst happens and they pass away, your client will want to make sure their loved ones are protected.
With Life Protection, your client can plan to support their family when they’re no longer here. Whether it’s to help pay off a mortgage, support children if they go to university or simply to ensure your client’s family have money to live on – Life Protection offers this peace of mind.
Our cover offers many features, including:
- Guaranteed premiums.
- Pays a cash lump sum on death during the term.
- Terminal illness cover included at no extra cost.
- Level, increasing or decreasing cover options.
- Optional waiver of premium.
Product profile
With a cash lump-sum paid on death or diagnosis of a terminal illness, our Life Protection helps your client secure their loved ones’ future. Learn more about eligibility, target market, distribution strategy, risks and limits in our Life Protection product profile and Waiver or Premium:Waiver of Premium product profile- We provide a one-off payment if your client dies or is diagnosed with a terminal illness before the end date of their policy.
- We won’t pay a claim if your client dies as a result of intentionally taking their own life within 12 months of the start date of the policy.
- If your client stops paying their premiums, the policy may stop and they won’t get any money back.
- If your client chooses level cover, it won't keep up with inflation and could buy less in the future.
- The policy has no cash in value at any time.
Cover options, tailored to your clients’ needs
Level life cover
Level life cover suits clients who are looking for fixed cover - the policy pays out the same lump sum throughout the duration of the policy. It’s suited to clients looking for certainty, as the amount of cover is fixed for the term of the policy. Level life cover won’t keep up with inflation and will buy less in the future.
Decreasing life cover
Decreasing life cover suits clients who are looking to cover the reducing amount they owe on a capital and interest repayment mortgage, or other loans. The amount of cover goes down each year, but the premiums stay the same.
Inflation-linked cover
Inflation-linked cover suits clients who are looking for the amount of cover to go up each year, in line with the Retail Prices Index (RPI) to keep up with inflation. The premium goes up by inflation multiplied by 1.5.Level life cover
Level life cover suits clients who are looking for fixed cover - the policy pays out the same lump sum throughout the duration of the policy. It’s suited to clients looking for certainty, as the amount of cover is fixed for the term of the policy. Level life cover won’t keep up with inflation and will buy less in the future.
Guaranteed premiums
Life Protection only supports guaranteed premiums. This means your client’s premiums are fixed and won’t change unless it’s inflation-linked.
Business Protection
Our Business Protection option allows you to recommend the same quality Life Cover to your business clients, helping them protect themselves, their livelihood and their loved ones.
Flexible protection
Life Protection forms part of our Flexible Protection Plan - it can be applied for on its own or along with Critical Illness Cover, Income Protection, Personal Sick Pay and Family Income Benefit. This could be cheaper for your client as we’ll offer a small discount when you have more than one cover in the plan.
Choose us for Life Protection
- Strong claims performance. It’s important to recommend a provider you can trust to pay out when your client really needs it. We’re proud of our claims performance, approving 99% of Life Protection claims in 2019.
- Better underwriting. We support you in providing the best financial advice to your client. That’s why we offer strong underwriting - online for an instant decision, flexible medical arrangements, covering the cost of medical underwriting and a dedicated underwriting phone line.
- Guaranteed Increase Options. We understand your client will go through different life stages, that’s why we offer Guaranteed Increase Options so your client’s policy can adapt with them.
- We’re a mutual, not a PLC. As a mutual, we don't have to answer to external shareholders – so we can concentrate on looking after you and your client.
LV= Doctor Services
We’re here for your client when they need us most. So as a policyholder of a Protection product, your client has access to 6 expert medical advice services – all accessible by app or phone, at any time:
- Remote GP 24/7. Speak to a UK doctor about any health or medical concerns by video or phone consultation
- 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. Get free sessions with a trained UK physiotherapist and receive a bespoke treatment plan through video consultations.
- Remote psychological support. Get access to 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.
Member benefits
Your client gets greater value with our Life Protection. If your client chooses to become a member after taking a policy out with us, they’ll be entitled to exclusive benefits and support:
- Generous discounts. Your client will be entitled to discounts on LV= general insurance products provided by LV= General Insurance Group, a subsidiary company of Allianz Holdings plc.
- Member Support Fund. If your client falls on hard times they can request financial assistance.
- Member Care Line. When your client needs peace of mind, the Care Line offers access to confidential legal advice, trained nurses and qualified counsellors – all for free.
- Members right to vote. Your client will be invited to attend our AGM – so they can have a say in our annual general meetings..
We paid 99% of Life Protection claims
We offer a clear and fair approach to paying claims – and believe anyone can be affected by terminal illness, or die, regardless of age or lifestyle.
We’re proud to have paid 99% of Life Protection claims in 2019. A successful claim is as important to your client as it is to you - your client gets vital financial help when they need it most and you feel confident in the provider you recommended.View our full 2019 claims performance.
Dedicated support for you
Fastway - our quote and apply system – makes it easier to protect clients. It’s a fast and flexible application journey and gives you an immediate underwriting decision.
Plus 24/7 access to our pre-underwriting tool for an instant and indicative underwriting decision for illnesses and conditions and our Protection Progress Hub to easily track the status of your client applications.
More on Fastway.
Let's talk
0800 678 18909:00am - 5:00pm Mon-Fri TextDirect: first dial 18001.
TextDirect: first dial 18001. We will record or monitor calls for training and audit purposes.