LV Life Insurance Review
- A large and household-name UK brand with a lengthy history
- A friendly society offering an exclusive focus on customers/members due to there being no shareholders
- The ability to include critical illness plans into the policy and low-start premiums
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About LV (Liverpool Victoria)
What was originally the “The Liverpool Independent Legal Victoria Burial Society” was formed in 1843 in Liverpool. At its grass roots level, it was a society aimed at helping the poor to contribute to a fund that would help bury their loved ones.
Today it has grown to become a large company (a Friendly Society) with assets of £14billion and 5.8 million customers, around 1.1 million of whom are members.
Liverpool Victoria has no shareholders and is owned by its members, who are all the policyholders of Liverpool Victoria Friendly Society Limited. Holders of policies issued by subsidiary companies, for example, car insurance, are not members.
For your peace of mind, LV is regulated by the Financial Conduct Authority (FCA).
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.
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- all LVs life policies of this type offer lump-sum payments by way of benefit. Please note that these are NOT savings products and they have no cash-in value at any time.
Reasons why you may consider LV’s life insurance plans
The main attractions of these plans and ones which might make a Liverpool Victoria life insurance review interesting:
- the provider’s history, size and their social dimension as a Friendly Society;
- they have no shareholders, meaning that their focus is exclusively on their members and customers;
- 3-Star rating (Defaqto 2017);
- Reevoo scoring of 9/10 based on client life insurance reviews regarding ease of application, value for money and overall rating;
- simple, uncomplicated cover options;
- a health and wellbeing line is provided, giving telephone access to counsellors, lawyers and nurses;
- more than 97% of life insurance claims paid out over the three years to and including 2016;
- access to the LV Doctors service – offering private prescriptions and second opinions in qualifying circumstances;
- premiums which might start from as little as £5 per month;
- no limits on how long you can spend outside of the UK while the cover is in force (critical/terminal illness diagnosis may require UK or specified independent medical confirmation);
- participation in elections of board members;
- LV only offers premiums for life insurance on a guaranteed premiums basis. This means they won’t ever change unless you decide to increase your cover or you’ve indexed your benefit so it maintains pace with inflation;
- on life plus critical illness policies, children are included free-of-charge until their 21st birthday;
- pay-out in advance of your death if you’re diagnosed with a terminal illness;
- LVs definitions for critical illness cover is very extensive, including 63 defined conditions;
- 91% of critical illness claims paid out in 2016.
How to get an LV life insurance plan quote
Whilst LV have a comprehensive range of options our advice is to always compare the market and speak to an adviser who will find the best deal to suit you.
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