Risk reality calculator

These probabilities have been calculated using our own interpretation of industry statistics, combined with our experience of LV= income protection business sold, assuming a two month waiting period and a typical occupation.

How would you cope financially?

The average individual income protection claim is paid for 6 years and 9 months* which could mean you're out of pocket for a significant time with no income to rely on. And even if you are eligible for state benefits, it's very unlikely to cover all your weekly bills and living expenses. *Liverpool Victoria, 2022

These probabilities are based on the rates of a critical illness occurring, published by the Institute and Faculty of Actuaries’ Continuous Mortality Investigation ('08' series accelerated critical illness morbidity tables). These rates were adjusted to be applicable for standalone critical illness, based on a comparison of market experience and published morbidity tables. Using these standard rates and based on our own experience, we have also adjusted them to be applicable to the general population, which also includes people who do not have insurance policies.

How would you cope financially?

As well as dealing with the emotional upheaval of a serious illness, how would you cope financially if you/your partner fell seriously ill? Even if returning to work is an option after treatment and rest, you'll need financial support to help you get back on your feet and adapt to life ahead without the financial worry.

These probabilities are based on mortality tables published by the Institute and Faculty of Actuaries’ Continuous Mortality Investigation ('08' series assured lives mortality tables). The industry rates are projected to apply to a population of insured individuals - those people who have life insurance policies.

How would you cope financially?

It's never easy to think about what would happen if you, or your partner, were to die early. But thinking about how your partner and/or your dependants would cope financially and pay the bills without your regular income brings life sharply into focus.

These results look at the probability of any one of the three above events happening before the chosen retirement age. The results can be viewed separately for each person, or as a combination for a couple, based on the industry and population results above.

How would you cope financially?

It's never easy to think about what would happen if something happened to you (and/or your partner), but consider for a moment how your family would cope without the income they currently depend on?