The discount will apply to all quotes offered until 30 April 2015, while at the end of the period LV= will make donations to the Seven Families initative.
The insurer is donating 77p for every valid flexible income protection application received during the discount period.
Myles Rix, managing director of LV= Protection, said: “Income protection provides people with a financial safety net if they are unable to work and earn an income for a sustained period of time.
“We believe that, regardless of whether someone is single, in a relationship or has a family, income protection is the most important protection product for working adults in the UK and we’re committed to helping advisers increase take up, to ensure that those who would benefit from this cover have some in place.
“We know from our recent Wake Up to IP seminars that advisers often find it difficult to engage clients with this product. We have several tools to help advisers to demonstrate the value of income protection and are sure that our 5% discount will give advisers another reason to discuss income protection with their clients.”
