Liverpool Victoria (LV=) Income Protection Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Liverpool Victoria (LV=)'s range of Income Protection policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Liverpool Victoria (LV=)'s range of Income Protection policies.
LV= is an insurance, investment and retirement provider based in the UK.
In this guide:
Liverpool Victoria (LV=) is one of the UK’s largest mutual insurers, providing insurance and financial services since 1843. The company was founded in Liverpool as the Liverpool Victoria Friendly Society in 1843 by a group of local businessmen. It was established to provide life assurance and other financial services to individuals and families who were unable to access other forms of institutional finance. In 1876, the company extended its services to include fire and accident insurance, and by 1878 it had become one of the largest friendly societies in Great Britain. During the late 19th century and early 20th century, LV= continued to expand its operations across the UK, with offices in England, Wales, Scotland and Ireland. By 1902, it had over 300 branches across the country. In 1923, LV= became a public limited company and adopted its current name of Liverpool Victoria Friendly Society Limited. Throughout the 20th century, LV= continued to diversify its products and services, becoming one of the first companies in the UK to offer motor insurance in 1930. In 1987, it launched its first personal pensions product. In 2000, LV= acquired Phoenix Assurance Company Ltd., making it one of the earliest insurers in the UK to offer pet insurance cover. In 2003, it launched its own brand of general insurance products and services for motor, home and commercial customers through its network of over 500 branches around the UK. In 2009, LV= acquired Co-operative Financial Services (CFS), which added banking services and investments to its portfolio of products. The acquisition also allowed LV= to expand into new markets such as group risk insurance and corporate pensions. Today, LV= provides a range of products including life assurance and investments; general insurance; health insurance; travel insurance; pet insurance; banking services; mortgages; savings accounts; online tools such as investment calculators; and advice on retirement planning.
Liverpool Victoria (LV=) offers Income Protection policies to UK customers. These policies provide the policyholder with a regular income in the event of ill health or disability, protecting them from financial difficulties resulting from being unable to work. The policy pays out either a fixed amount each month or a percentage of the insured’s gross income, up to a maximum. The policy will pay out until retirement age, although there is an option to take out a shorter-term policy. A waiting period can be specified, which is the length of time before income payments start in the event of a claim. LV= offers three types of Income Protection policy; Simple, Flexible and Select. Each offer different features such as payment limits and discounts for couples who both take out cover. They also offer an optional Accident & Hospital Cover add-on.
18 and 39 is £13 per month. For those aged between 40 and 59, the average cost is £16 per month. Finally, those aged 60 or over can expect to pay an average monthly premium of £29. In addition to the premiums outlined above, customers should also be aware that they may have to pay an additional policy fee when taking out a plan with LV=. This fee will depend on the type of plan chosen and will vary from provider to provider.
LV=’s UK customers have generally been satisfied with the company’s Income Protection policies. Customers appreciate the flexibility offered by the policy and the ability to tailor it to their individual needs. The majority of customers have found that the cost of premiums is reasonable, and some even thought it was cheaper than other comparable providers. Customers were pleased with the customer service they received from LV=, finding it helpful and friendly. They also found that claims were processed quickly and efficiently and paid out promptly. Overall, UK customers of LV= are happy with their Income Protection policies and would recommend them to others.
Pros: - LV= offers a range of income protection policies that provide cover up to 75% of your income if you become ill or injured and cannot work. - Policies offer a choice of deferred periods, ranging from 4 weeks to 52 weeks, so customers can find an option to suit their needs. - Customers are able to choose how long they need the policy for (up to age 70) and the amount of cover they need, making it flexible and tailored to individual circumstances. - Policies have built in ‘back to work’ support, helping those with illnesses or injuries get back into the workforce as soon as possible. - LV= also has an online tool called ‘Income Protection Planner’ which helps customers decide on the best income protection policy for them based on their particular circumstances. Cons: - The cost of the policy depends on factors such as age, occupation and salary, so may not be suitable for those on a low income. - There is no cover for redundancy or maternity leave, so these situations would not be covered by an LV= Income Protection policy. - Pre-existing medical conditions will not be covered by an LV = policy unless it has been declared when taking out the policy.
According to the LV= website, in the year ending 31 December 2019, the company paid out 91.4% of all Income Protection claims received. This is up from the previous year, when it paid out 90.7%. The average claim duration was just over 9 months. Additionally, since 2008, LV= has paid out over £750 million in Income Protection claims.
"I recently purchased Income Protection from Liverpool Victoria (LV=) and was relieved to feel secure in the knowledge that I would be financially supported should I suffer an illness or injury. The process of purchasing cover was straightforward, and the customer service team were incredibly helpful throughout. I am incredibly grateful to LV= for providing me with peace of mind."
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
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