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  • Income Protection

LV= reintroduces short deferred periods for IP

Covid exclusion applies

LV= reintroduces short deferred periods for IP
  • Adam Saville
  • Adam Saville
  • @AdSaville_COVER
  • 29 October 2020
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Day one and one week waiting periods for personal sick pay product now available from LV=

In March, LV= and a number of income protection (IP) providers withdrew short waiting period options for new business in response to the Covid-19 crisis.

Until now, the only provider offering day one or one week IP had been The Exeter, which added a Covid-19 exclusion.

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LV=, the first provider to reintroduce one day and one week cover for IP, has added a similar caveat to policies with a short deferred period for those with symptoms lasting under four weeks.

The provider won't pay a claim due to symptoms of complications of Covid-19 or other coronaviruses, respiratory tract infection, cold or flu if the policyholder is unable to work for less than four weeks. It will, however, consider a claim - and backdate it - if the policyholder is off work for more serious symptoms that last beyond four weeks. LV= is allowing policyholders to claim for long-term illnesses caused by Covid-19. 

COVER understands that day one and one week waiting periods will initially only be offered employed clients - not self-employed - which makes up 80% of its client base.

It is also unlikely that short deferred cover will be offered to employed clients who have been furloughed, made redundant or claimed on the government's Covid-19 income support while working in a number of industries, such as events/hospitality, aviation, travel/tourism, sports and leisure and retail. In these cases, LV= will look to offer four-week waiting period instead.

Debbie Kennedy, protection director at LV=, said: "LV= is first provider to re-enter the market with this type of specialist cover helping to provide a valuable financial safety net for  those who don't have one. 

"As we monitor the ever-changing situation and impacts of COVID-19 we must keep challenging everything we do. I'm delighted that we're taking this first step. Through our pragmatic and targeted approach to reintroducing these short waiting period options, we're able to offer more access and choice for advisers.  I think advisers and customers will seek out providers who are prepared to be flexible and take into account the individual circumstances."

Further reading

L&G tweaks IP due to coronavirus
  • Income Protection
  • 23 March 2020
Self-employed and contract workers 'unable to survive a week'
  • Individual Protection
  • 27 May 2020
Cirencester Friendly removes short deferred IP
  • Income Protection
  • 31 March 2020
British Friendly removes day one and week one IP
  • Income Protection
  • 30 March 2020
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