Liverpool Victoria have introduced a new dynamic to the Income Protection market that has opened the doors for many more people to get cover; including tradespeople, manual workers, teachers and the self-employed.
The significant benefits of this policy are that they do not increase policy premiums based upon your smoker status or occupation and if you are accepted for the policy you will automatically receive own occupation cover.
The Personal Sick Pay scheme will provide a guaranteed monthly benefit of £1000 regardless of your income, so long as you work 30 hours or more per week. Most Income Protection policies will cover you for a maximum of 50-65% of your gross income. This policy will allow you to guarantee a £1000 monthly benefit even if your gross income is lower than this and you will not be asked to provide evidence of your finances at the point of application or claim.
For those who want a higher monthly benefit this is also possible with Liverpool Victoria who will cover a maximum of 60% of gross income within their standard contract. The Liverpool Victoria Income Protection policies will cover you until your chosen age of retirement, or you can opt for the budget 2 year policy benefit term if you wish to keep premiums low.
You can also choose to have the policy set up with 'back to day 1' cover, that means if you are unable to work for 3 consecutive days the insurer will start the claims process so that your benefit payout backdates to the first day you were unable to work.
It is worth noting that the new LV policy is age-banded, meaning that the premiums will increase over the duration of the policy term.
If you think that the Liverpool Victoria Personal Sick Pay scheme could suit your needs, please feel free to contact one of our financial advisers who will assess your individual circumstances and place your cover with the right provider for your needs.
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