LV introduce 'simplified' sick pay insurance
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.LV has become the first major insurer to offer simplified sick pay insurance.
The new product is specifically aimed at people aged 17 to 45 who are less likely to have chronic long-term illness requiring lots of time off work than older workers. Customers can choose a fixed amount of cover between £500 and £1,000 per month, and the insurance can be set up online in a few minutes.
Once someone has been unable to work for four weeks, sick pay insurance can pay out for up to a total of 12 months, and multiple claims can be made, even for the same condition.
"We insure our pets, home and even our mobile phones, but not the one thing that pays for everything else – our income," Mark Jones, head of protection at LV, said. "We are trying to raise awareness of the importance of people protecting their income, while giving them a very simple way of doing so."
Traditional income protection, on which the new sick pay product is based, is often criticised for being expensive and tailored to people with long-term, debilitating illnesses. In addition, it often has long periods when claims are barred and payout rates can vary wildly with some providers imposing strict conditions.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments