Liverpool Victoria Income Protection Review
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LV= Liverpool Victoria Protection – Introduction
Overview
Founded in 1843, LV= (commonly known as Liverpool Victoria) is one of the UK’s largest providers of life insurance, income protection and retirement solutions with over 1 million members.
As a mutual organization, LV= is owned by its members rather than external shareholders. This helps focus operations on the customer’s best interests and has fostered a strong commitment to social responsibility.
LV=’s Income Protection offers entry-level and low-cost options together with more comprehensive, higher-value coverages. The standard policy offered by LV= is particularly notable for its flexibility and being easy to understand and free of unnecessary jargon.
Contact Details
Website: https://www.lv.com
Income Protection Claims Line: 0800 756 5869
Email Claims: [email protected]
Address: County Gates, Bournemouth, BH1 2NF
FCA Register: https://register.fca.org.uk
Liverpool Victoria Customer Reviews
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LV= use Trustpilot to collect reviews from both verified and unverified customers. To date they have over 71,000 reviews of which 93% have either a 5 or 4 star rating. In the last 12 months the organisation has received over 8,500 revies. Read Liverpool Victoria Trustpilot Reviews.
2022 Payouts
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According to their Claims Report LV= paid 92% of Income Protection claims in 2022. Notably the average length of Income Protection claims in 2022 was 5 years and 3 months.
Industry Awards
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LV= have 5* Defaqto ratings for their Income Protection Policies together with numerous other awards. Most notably in 2022 LV= won the Moneyfacts award for Best Income Protection Provider for the 13 consecutive year.
Benefits and Features of Liverpool Victoria’s Income Protection
LV=’s main Income Protection Policy is comprehensive and provides long-term cover that can run up to the 70th birthday of the policyholder. In addition, they also offer a Budget Protection Policy which is very similar with the main difference being that the benefit period (the length of time that the policy will pay out for for any eligible claim) can be a maximum of either 12 or 24 months.
The information below provides an overview of specific Income Protection policies although is not intended to provide advice on the suitability of any particular policy for the reader. For a free consultation and full market review speak with Black Lion Insurance today on 0203 011 00 22 or request a LV= Income Protection Quote Online.
Monthly Benefit and Maximum Cover
Up to a maximum of 60% of gross income from employment before tax. Homemakers up to a maximum of £1,500. Business owners can include dividend income subject to terms & conditions.
Incapacity Levels
Own Occupation: Policyholders can claim if they are unable to undertake the main tasks of their role due to sickness or accident.
Homemaker: Policyholders can claim if they are unable to prepare a meal or complete basic household tasks and are not doing any other paid or unpaid work.
Medical Exclusions
There are no restrictions on the type of sickness or accident that can cause incapacity unless disclosed prior to the start of the policy. Medical history must be provided upon application. Personal medical exclusions will be declared in policy.
Deferred Period
LV= offer 1, 2, 3, 6 and 12 month deferred periods (the length of time the policyholder is incapacitated before the insurer will start paying the monthly benefit). However, 1 and 2 month periods may not be available for every occupation.
Benefit Period
Income Protection Policy: The maximum duration of a claim is up until the end of the policy or the death of the policyholder.
Budget Protection Policy: 12 or 24 months. Chosen by the policyholder upon application.
Policy Duration
The minimum term of both the Income Protection Policy and Budget Protection Policy is 5 years. Both policies can be set up to cover policyholders up to the age of 70.
Minimum Eligible Criteria
To apply for LV’s Income Protection applicants must at least meet the following criteria:
- Employed, self-employed or a homemaker
- Aged between 17 and 59 years old at the start of the policy
- Be a UK resident for at least 2 years and live permanently in the UK
- Prove that you have been registered with a UK GP for at least 2 years
Additional Policy Features
Fracture Cover
Should a policyholder be diagnosed with a bone fracture they will receive a lump sum payment of up to £2,200. This is in addition to any payments made if the injury results in the policyholder being unable to work after the policy’s deferred period.
Online GP
24/7 access to UK based Online GPs via video call or phone. Registered GPs can diagnose everyday illnesses, issue prescriptions (which can be posted to you or picked up from a local pharmacy) and make referrals to specialists.
Parent and Child Cover
Lump sum payment of 6 times the policy’s monthly cover (up to £25,000) if the policyholder’s child is diagnosed with one of over 50 specified illnesses.
Death Benefit
In the event that the policyholder dies, LV= will make a lump sum payment. This will be £5,000 in the event the policyhodler dies within 4 years of the policy’s star date and £10,000 thereafter.
Unemployment Premium Waiver
If the policyholder becomes unemployed involuntarily LV= will cover the cost of up to 6 months worth of the policy’s premiums.
Travelling Abroad
Policyholders can receive their monthly benefit if they make a claim whilst in a number of countries and territories outside the UK*. If the policyholder is in a country not named in the policy then LV= will pay the monthly benefit for the first 26 weeks and will continued to do so thereafter provided that the policyholder has returned to one of the named countries or territories.
*In Europe these include: Austria, Belgium, Bulgaria, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden & Switzerland. Outside of Europe the territories are slightly more limited to Australia, Canada, Hong Kong, Japan, New Zealand and USA.
Liverpool Victoria Income Protection Indicative Quotes
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Example Monthly Premiums shows price of quotes obtained for LV= Budget Protection and Income Protection Plans with level cover & guaranteed premiums. Quotes are for a non-smoking individual with a low-risk, office-based occupation (such as Administration, Accounting, Human Resources, IT, Marketing, Sales, Software etc). Policy ends on 65th birthday of the insured. Monthly benefit equivilent to 60% of gross earnings.
| Policy Type | Age | Monthly Benefit | Deferred Period | Benefit Period | Example Monthly Premium |
|---|---|---|---|---|---|
| Budget Protection | 30 | £1,500 | 30 days | 12 months | £11.80 |
| Budget Protection | 30 | £1,500 | 30 days | 24 months | £15.11 |
| Income Protection | 30 | £1,500 | 30 days | 34 years | £35.35 |
| Budget Protection | 40 | £2,500 | 30 days | 12 months | £27.50 |
| Budget Protection | 40 | £2,500 | 30 days | 24 months | £33.12 |
| Income Protection | 40 | £2,500 | 30 days | 24 years | £79.39 |
Please Note: These example monthly premiums are based on quotes obtained from LV= using information of an individual described above. They are intended for illustrative purposes only and to assist readers better understand and compare the potential price differences between the insurance policies listed. These quotes are not personalised or tailored to specific individual circumstances and may not reflect the actual monthly premium or terms that an individual with a similar overview may receive. For accurate, up-to-date advice and personlised quotes readers should contact Black Lion Insurance.
