Income Protection Insurance, LV, income insurance protection.#Income #insurance #protection

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Income Protection

Provides a regular income if you’re unable to work because of accident or sickness.

  • Pays out if you’re too ill to work because of an accident of sickness
  • Gives you monthly payments so you can continue to pay your bills when your income stops
  • Available as comprehensive or budget cover
  • Now includes fracture cover, death benefit and more.

Income insurance protection

Why you might take out our income protection policy

Our Income Protection cover is designed to help you cope if you lose your income as a result of sickness or an accident.

It pays you a monthly income, to help replace some of your lost earnings (up to a maximum of 60% of your annual income before tax), and helps you and your family cope financially if you couldn’t work. You can choose from the different types of Income Protection to meet your needs.

We also offer Budget Income Protection cover, which only pays out for a maximum of 24 months for each claim, but keeps your monthly premiums lower.

Cover features

  • We’ll pay out if you can’t do your job because of an accident or sickness for as long as you need it or until the policy ends.
  • Pays a regular income to help replace some of your lost earnings.
  • Fracture cover at no extra cost (lump sum payment up to £2,200, depending on the type of fracture).
  • Contractual death benefit (fixed lump sum payment up to £10,000).
  • Payment of premium during involuntary unemployment for up to 6 months.
  • You can spend the money on essentials or luxuries.
  • Simple and easy claims process.
  • Prices start from £5 a month.
  • Back to work support available.

Important information

  • With Budget Income Protection, the regular monthly income will be paid for a maximum of 24 months (we will pay multiple claims).
  • If you’ve been unemployed for longer than 12 months when you claim, we’ll only pay out if you can’t prepare a meal or do basic housework.
  • Reviewable premiums do not change within the first 5 years of your policy starting, but after that they could change every year.
  • Minimum cover of £100 a month.
  • Maximum cover of £12,500 a month.
  • If you stop paying premiums you won’t get any money back and you’ll no longer be covered.
  • If you choose level cover please bear in mind that the amount you’re covered for won’t go up in the future, so you’ll be able to buy less with it in the future, compared to today.
  • We’ll only pay for one fracture diagnosed within a 12 month period and certain fractures aren’t covered.
  • The death benefit proceeds may form part of your estate which will be subject to inheritance tax.
  • Both the fracture cover and death benefit payments are fixed and won’t increase with inflation.

How to buy our income protection?

All we ask is that you permanently live in the UK and have lived here and are registered with a UK GP for at least the last 2 years, you’re aged 17 to 59 and your income protection cover costs at least £5 a month (as this is the minimum premium). Your policy must last for at least 5 years (our minimum term).

  1. Please make sure you read the details about our income protection product and the Policy Summary.
  2. Consider how much cover you need and the length of time you need the cover for.

You will need to be employed, self-employed, or a homemaker to take out cover. If you’re retired or unemployed (this includes claiming Jobseekers Allowance) we won’t be able to offer you cover.

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