Is LV= the right income protection provider for you?
LV= (Liverpool Victoria) are one of the UK's leading providers for income protection, being rated 5 stars on Defaqto.
Across all financial services products, LV= is a well-trusted provider, with a 4.5-star rating on Trustpilot (correct as of 14/11/24).
But what exactly do LV= offer with their income protection? This article will be reviewing their policies to assist you understand their products.
Why not use LifePro to compare LV='s income protection with other market leaders to ensure you're getting the best available deal?
Keep reading to discover if LV= are the right provider for you…
LV= income protection key features
LV= income protection offers comprehensive coverage with several key features designed to protect your income if you're unable to work due to illness or injury:
- Covers up to 70% of your gross income with tax-free monthly payments
- Flexible deferred periods: choose from 4, 8, 13, 26, or 52 weeks
- Benefit payments continue until you return to work, retire, or reach age 65
- 5-star Defaqto rating for comprehensive policy features
- Own occupation cover available for higher earners
- Optional rehabilitation support to help you return to work
- Guaranteed premiums that won't increase due to claims
With LV='s strong reputation and award-winning service, their income protection provides peace of mind that your financial commitments will be met if you're unable to work.
How much income protection insurance do you need?
Enter the fields which apply to you to calculate the level of income protection cover you might require to contribute towards key costs.
The amount of income protection insurance you need depends on your individual circumstances and financial commitments. Most experts recommend covering 50-70% of your gross annual income, as this typically provides enough to maintain your standard of living if you're unable to work due to illness or injury.
When calculating how much cover you need, consider:
- Your monthly mortgage or rent payments
- Household bills and utilities
- Childcare costs
- Loan repayments and credit card bills
- Daily living expenses for your family
- Any savings you have that could cover short-term absences
Remember that income protection payments are tax-free, so you may not need to replace your full salary. The key is ensuring you can maintain your essential outgoings and standard of living during a period when you're unable to work.
To get an accurate quote tailored to your needs, use our free comparison service to compare quotes from 50+ UK providers, including Lv Income Protection.
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LV= income protection additional benefits and features
Beyond the core coverage, LV= income protection includes several valuable additional benefits that enhance your policy's value:
LV= offers comprehensive additional benefits designed to support your recovery and return to work.
- Rehabilitation support - Access to specialists who can help you return to work safely
- Proportionate benefit - Partial payments if you return to work part-time during recovery
- Waiver of premium - Your policy remains active even if you can't afford premiums while claiming
- Houseperson cover - Available if you're a stay-at-home parent or carer
- Guaranteed insurability option - Increase cover without medical underwriting at life events
- Mental health support - Access to counselling and mental health resources
What makes LV= stand out:
- 5-star Defaqto rating: Highest rating for product quality and comprehensiveness. Only providers with the most comprehensive features achieve this rating.
- Own occupation cover: You can claim if unable to do your specific job, not just any job. This is crucial for specialists and high-earners.
- Indexation option: Your benefit amount increases with inflation, ensuring your cover keeps pace with living costs over time.
- Guaranteed premiums: Your premiums won't increase due to claims or deteriorating health - providing long-term budget certainty.
- Full or stepped premiums: Choose between level premiums (same cost throughout) or stepped (lower initially, increase with age).
LV= also offers optional add-ons you can include for additional cost:
- Critical illness booster - Extra payment if diagnosed with specified critical illness
- Premium protection - Premiums stay the same even if your health deteriorates
- Full payment for partial incapacity - Full benefit even if only partially unable to work
These additional benefits make LV= a comprehensive choice, but they may increase your premium. Compare LV= with other providers through LifePro to ensure you're getting the best value for your specific needs.
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LV= income protection claims process and support
LV= has a reputation for efficient claims handling and supportive customer service throughout the claims process.
Understanding the claims process helps you know what to expect if you need to make a claim on your LV= income protection policy.
Step-by-step LV= claims process:
- Initial contact: Call LV= claims team or submit online claim form. Have your policy number and GP details ready.
- Claim form completion: LV= sends you detailed claim forms to complete. You'll need to provide information about your condition and how it affects your ability to work.
- Medical evidence: Your GP or specialist provides medical evidence confirming your diagnosis and inability to work. LV= may request a medical report (with your permission).
- Deferred period confirmation: LV= verifies you've been unable to work for the full deferred period (the waiting time you chose when taking out the policy).
- Claims assessment: LV= reviews all evidence and assesses your claim. This typically takes 2-4 weeks. They may contact you or your doctor for additional information.
- Decision and payment: If approved, payments begin immediately. Benefits are paid monthly directly to your bank account. If declined, you'll receive a detailed explanation and can appeal.
LV= claims support services:
- Dedicated claims handler assigned to your case
- Regular contact to monitor your recovery progress
- Rehabilitation coordinators to support your return to work
- Fast-track GP appointments (where available)
- Mental health counselling services
- Financial planning advice during your claim
LV= claims statistics and reputation: With a 4.5-star Trustpilot rating and a strong track record of paying legitimate claims, LV= is considered a reliable insurer. They paid millions in income protection claims in recent years, demonstrating their commitment to supporting policyholders.
Common reasons claims are declined:
- Pre-existing condition within the exclusion period (usually first 12-24 months)
- Not meeting the policy's definition of incapacity
- Insufficient medical evidence
- Policy lapsed due to missed premium payments
- Non-disclosure of relevant medical information at application
To maximise chances of a successful claim: Always disclose medical conditions honestly when applying, Keep your policy active by paying premiums on time, Notify LV= as soon as you become unable to work, Provide complete medical evidence promptly, Engage with rehabilitation support offered.
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