LV= Life Insurance Review
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LV= Life Insurance

Introduction to LV=

Liverpool Victoria, trading as LV= since May 2007, is one of the UK's largest insurance companies, serving over five million customers. With headquarters based in Bournemouth, LV= offers a range of insurance and retirement products, providing comprehensive coverage to individuals across the nation.

History of LV=

LV= has a rich history dating back to 1843 when it was founded as a burial society, initially known for its 'penny policies' that enabled people of modest means to save for life insurance by paying just a penny a month. Over the years, LV= evolved from 'The Liverpool Independent Legal Victoria Burial Society' with its first offices in Liverpool to becoming Liverpool Victoria Financial Services in 2020. Throughout its 175+ years, LV= has continued founder William Fenton's mission of helping people live more confident lives.

LV= Life Insurance Overview

Liverpool Victoria offers a comprehensive Life Insurance policy with various additional benefits included at no extra cost:
  • Life Cover and Terminal Illness Cover: Core components of the policy.
  • Critical Illness Cover: Optional add-on for an additional premium.

Policy Details

  • Policyholder Age: Individuals aged between 17 and 79 years can take out a policy.
  • Types of Cover Available: LV= offers Level Term Insurance, Decreasing Term Insurance, Increasing Term Insurance, and Family Income Benefit.
  • Policy Term: The policy term can range from years, offering flexibility to policyholders.
  • Maximum Benefit: Unlimited coverage for Life Insurance and Critical Illness Cover.

LV= Life Insurance Key Benefits

Guaranteed Increase Options

  • Increase your benefit by up to 50% due to life changes like marriage or having children, without the need for further medical evidence.

Splitting a Joint Policy

  • LV= allows separation of joint policies into two separate policies in case of divorce or dissolution of civil partnerships.

Additional Free Benefits

  • Access to LV= Doctors Services, providing remote access to over 5,000 UK Medical Professionals, prescriptions, physiotherapy, mental health support, and Health MOT access.

Advanced Funeral Payment

  • LV= offers an advanced payment of up to £10,000 of the payout before probate to cover funeral costs.

How to Make a Claim

If you need to make a claim on your LV= Life Insurance policy, use the following contact details based on your policy number:
  • Policy Number Format 123456-0001-5N or 1234567-0001-A: Call 0800 756 5869 (Lines open: 9am - 6pm Monday to Friday).
  • Policy Begins with Letter A, B, C, F, L, RN, T, U, V, or X: Call 0800 550 050 (Lines open: 9am - 5pm Monday to Friday).
For international callers, dial +44 1392 366 685.

Frequently Asked Questions

What happens if I outlive my Term Life Insurance policy?

A Term Life Insurance policy does not provide a cash sum if you outlive the term. Premiums for these policies tend to be lower as most policyholders outlive the policy, making it suitable for those who do not want to leave a financial burden on their family, such as mortgage payments.

Can I add Critical Illness to my Life Insurance?

Yes, Critical Illness cover can be added to your Life Insurance policy, providing a tax-free sum payout upon suffering a serious illness. Speak to an expert advisor to determine the best policy for your needs.

Will my Life Insurance payout be taxable?

No, your Life Insurance payout will not be liable for tax.

This comprehensive guide outlines LV='s Life Insurance offerings, benefits, and answers common questions related to life cover. For personalised advice and to get a free quote, contact LV= today.

One of the most effective ways to protect family's finances

Many UK families still don’t realise that life, income protection and critical illness insurance is one of the most effective and efficient ways to protect their family's finances

Benefits offered by income protection, life and critical illness insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.

Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.

And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?

Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:

  • Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
  • Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.

What do I need to get a life insurance quote?

To get a life insurance quote, you’ll just need to tell us:

  • your name
  • date of birth
  • whether you are a smoker or use nicotine substitutes
  • who do you want to protect
  • and your preferred contact details

The options our advisers provide will also address extras you might want to consider, such as critical illness or income protection cover

It's as easy as 1, 2, 3!

1. Complete a brief form

2. Our experts will find and discuss your quotes

3. Enjoy your protection!



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The guidance contained within the website is subject to the UK regulatory regime and is therefore targeted at customers in the UK. A FCA regulated expert will contact you after you submit your details to discuss further. WeCovr is a trading style of Political And Credit Risks Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Number 735613.