LV= Mortgage & Lifestyle Protection Plan

Full product details for the LV= Mortgage & Lifestyle Protection Plan income protection policy, including application criteria, policy details, cover, premiums & fees, claims and exclusions.

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LV= Mortgage & Lifestyle Protection Plan Features & Benefits

Cover Type	income and/or mortgage
Minimum Age	17 years
Maximum Age	65 years
Maximum % of Income Covered	50%
Maximum Annual Cover	£50,000
Minimum Monthly Premium	£10
Redundancy Cover	yes
Hospitalisation Cover	no
Rehabilitation Cover	yes
Guaranteed Premiums	level
Number of Exclusions	1

Application Criteria
Permanent UK Resident	yes	This product is only available to individuals who are permanent UK residents.
Minimum Age	17 years	The minimum age at entry is 17 attained.
Maximum Age	65 years	The maximum age at entry is 65 attained.
Maximum % of Income Covered	50%	The maximum combined payment from the plan in the event of a successful claim is 50% of the life assured's gross annual income at the point of claim, subject to a maximum of £50,000 a year when the plan starts. From this, LV= will deduct any of the following payments (before tax) which the life assured will continue to receive while they are incapacitated/unemployed: - the benefit from any other sickness, accident or unemployment insurance, - 60% of ill health or retirement benefits from any source, - 60% of any other income (employed/self-employed/pension earnings, excluding any income earned before they became incapacitated). - State pension benefits (including SERPS and S2P). If the life assured does not qualify for any State benefits in respect of their incapacity, LV= will add the basic State long-term incapacity benefit (or its equivalent) at the time.
Maximum Annual Cover	£50,000	The maximum benefit from the plan is £50,000 per year. Maximum benefit The maximum combined payment from the plan in the event of a successful claim is 50% of the life assured's gross annual income at the point of claim, less any of the following payments (before tax) which the life assured will continue to receive while they are incapacitated/ unemployed: - the benefit from any other sickness, accident or unemployment insurance; - 60% of ill health or retirement benefits from any source; - 60% of any other income (employed/ self-employed/ pension earnings, excluding any income earned before they became incapacitated); - State pension benefits (including SERPS and S2P). If the life assured does not qualify for any State benefits in respect of their incapacity, we add the basic State Long-Term Incapacity Benefit (or its equivalent) at the time.
Minimum Annual Cover	£1	The minimum benefit will be determined by the minimum premium.

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Great for info, very informative and very handy.

A. Stevenson

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