LV’s Life Insurance options
If you are looking for an LV life insurance review, then you’ll be pleased to note that LV’s options include:
This pays a lump sum to your estate in the event you die during the term of cover.
Life insurance cover is available for up to £500,000 (£300,000 if you're 56-65 years of age or £200,000 if you're 66-69 at the time of application).
You can select the amount of cover and the term you consider to be suitable for you.
Policyholders must be between 18 and 77 years of age at the start of the policy. The maximum policy term is 50 years, but the policy must end before you are 90 years of age.
You can take out level cover, where the sum paid out will stay the same for the entire term of the policy. Alternatively, you can also select decreasing policies, whereby the amount payable will decrease over the policy’s term – this is sometimes used by people to ensure that a standard repayment mortgage would be paid off in the event of their death, as that debt would also be reducing over time.
The life cover includes terminal illness options, meaning you could select to have the policy pay out in a situation where you were diagnosed with a terminal illness (conditions may apply).
Life Insurance with Critical Illness Cover
This is a life policy that includes a component of critical illness cover.
The policy pays out in the event of your death but also if you’re diagnosed with one of 63 specified critical illnesses. 20 other less critical conditions would also qualify for a lower payout. It also includes £25,000 of critical illness cover for your children.
Decreasing, increasing and level forms of cover are offered.