{"id":16543,"date":"2021-01-29T18:05:31","date_gmt":"2021-01-29T18:05:31","guid":{"rendered":"https:\/\/financialmark.co.uk\/?p=16543"},"modified":"2021-06-08T18:06:55","modified_gmt":"2021-06-08T18:06:55","slug":"couple-in-their-20s-have-nearly-two-in-three-chance-of-being-unable-to-work-for-two-months-or-more","status":"publish","type":"post","link":"https:\/\/financialmark.co.uk\/couple-in-their-20s-have-nearly-two-in-three-chance-of-being-unable-to-work-for-two-months-or-more","title":{"rendered":"Couple in Their 20s Have Nearly Two in Three Chance of Being Unable to Work for Two Months or More"},"content":{"rendered":"<p>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.*<\/p>\n<p>The figures \u2013 produced from the LV= Risk Reality Calculator &#8211; are featured in the new LV=\u00a0<a title=\"Fuel for life PDF\" href=\"https:\/\/www.lvadviser.com\/service\/documentlibrary\/get\/e86953939e2740998acc58dec9d314a4\/fuel-for-life-newsletter-january-2021.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Fuel for Life<\/a>\u00a0online report for financial advisers specialising in protection.<\/p>\n<p>The report offers tools and support for financial advisers and highlights how protection policies help households experiencing periods of financial hardship. It reveals that:<\/p>\n<ul>\n<li>LV= collectively paid \u00a33.2m 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.<\/li>\n<li>Over 193 LV= members who suffered financial distress due to Covid have benefited from payment breaks, resulting in \u00a329,500 of waived premiums. LV= continues to offer payment breaks to those struggling to pay premiums until 30th April 2021, with cover remaining in place.<\/li>\n<\/ul>\n<p>The LV=\u00a0<a title=\"Risk Reality Calculator\" href=\"https:\/\/riskreality.co.uk\/gen\" target=\"_blank\" rel=\"noopener noreferrer\">Risk Reality Calculator<\/a>\u00a0highlights 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%.<\/p>\n<p>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.<\/p>\n<p>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.**<\/p>\n<h3>Debbie Kennedy, Protection Director at LV=, said:<\/h3>\n<p>\u201cWe believe that protecting income is the bedrock of financial resilience and many are still vulnerable to unforeseen shocks that can affect their daily lives.<\/p>\n<p>\u201cIn light of the nation entering the third national lockdown, LV= is determined to continue supporting members who are facing tough economic conditions.<\/p>\n<p>\u201cWe will continue our support for financial advisers and build on the work we did last year. In 2020 we introduced our \u2018refreshinar\u2019 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.\u201d<\/p>\n<p>LV= members also have access to support services including:<\/p>\n<p><strong>LV= Doctor Services<\/strong>\u00a0(included as standard on all protection policies) gives access to six expert medical services, all available through a convenient app including: \u2014 Remote GP 24\/7 \u2013 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.<\/p>\n<p><strong>LV= Member Care Line<\/strong>\u00a0(included as standard on all protection policies) \u2013 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&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 produced from the LV= Risk Reality Calculator &#8211; are featured in the new LV=\u00a0Fuel for Life\u00a0online report for financial advisers specialising in protection. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":16545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialmark.co.uk\/couple-in-their-20s-have-nearly-two-in-three-chance-of-being-unable-to-work-for-two-months-or-more\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Couple in Their 20s Have Nearly Two in Three Chance of Being Unable to Work for Two Months or More - Financial Mark\" \/>\n<meta property=\"og:description\" content=\"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 \u2013 produced from the LV= Risk Reality Calculator &#8211; are featured in the new LV=\u00a0Fuel for Life\u00a0online report for financial advisers specialising in protection. 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