Couple in Their 20s Have Nearly Two in Three Chance of Being Unable to Work for Two Months or More

Figures from protection specialist LV= reveal that a couple in their mid-20s have a 63% risk of being unable to work for two months or more before they retire.*

The figures – produced from the LV= Risk Reality Calculator – are featured in the new LV= Fuel for Life online report for financial advisers specialising in protection.

The report offers tools and support for financial advisers and highlights how protection policies help households experiencing periods of financial hardship. It reveals that:

  • LV= collectively paid £3.2m in Income Protection and Personal Sick Pay claims between March and October last year, supporting over 1,000 customers. Cancer and musculoskeletal conditions were the most commonly claimed for conditions.
  • Over 193 LV= members who suffered financial distress due to Covid have benefited from payment breaks, resulting in £29,500 of waived premiums. LV= continues to offer payment breaks to those struggling to pay premiums until 30th April 2021, with cover remaining in place.

The LV= Risk Reality Calculator highlights the risks of people being unable to work for more than two months, suffering a serious illness or dying. The combined risk of a 26-year-old couple experiencing any of these events rises to 70%.

Designed to be used by financial advisers, it produces a personalised risk report for potential income shocks, helping advisers address unexpected scenarios such as being unable to work for long periods of time due to illness.

The coronavirus pandemic has highlighted the need for households to protect their income from illness and accidents. An LV= survey found that 4% of adults had bought a new protection product in the past three months, indicating that more are considering new policies to strengthen their financial safety net.**

Debbie Kennedy, Protection Director at LV=, said:

“We believe that protecting income is the bedrock of financial resilience and many are still vulnerable to unforeseen shocks that can affect their daily lives.

“In light of the nation entering the third national lockdown, LV= is determined to continue supporting members who are facing tough economic conditions.

“We will continue our support for financial advisers and build on the work we did last year. In 2020 we introduced our ‘refreshinar’ programme, a series of webinars to support advisers, which was attended by more than 10,000 advisers. Nearly 4,000 have already signed up to our early 2021 sessions.”

LV= members also have access to support services including:

LV= Doctor Services (included as standard on all protection policies) gives access to six expert medical services, all available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions. The service is, for example, used for enquiries about skin conditions and moles.

LV= Member Care Line (included as standard on all protection policies) – Free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it’s needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.

Recent Articles

Interview with the Introverted music specialist Amarrai Cabell

Hi, how are you and how did your musical journey start? Hey could be better but just getting through this thing we call life and...

Tesco Launch Campaign To boost uptake of flu jab and help save lives

Tesco Pharmacy, British Heart Foundation, Diabetes UK and Cancer Research UK, through their “Helping you to live healthier” Partnership, have joined forces to encourage...

Buying a House: City slickers Move to the suburbs in search of space

The impact of the pandemic on people’s lifestyles has driven stronger house price growth in areas surrounding most of Britain’s biggest cities, as buyers...

Twitter Is Refusing To Verify These Publications

The social media giant Twitter is no joke. With millions of daily users, keeping the platform clean is vital for the platform. This is...

Deep Review: Aviva Insurance

Aviva insurance is one of the more well-known names in the world of insurance in the United Kingdom. Around fifteen million people choose Aviva...