LV= Life Insurance Review 2024 » [Read Before You Buy] (2024)

Liverpool Victoria (LV=) started life in 1843, providing what was known as a ‘penny policy’ to cover funeral costs.

Over 175 years later, their life insurance is still helping many to cover funeral costs and much more.

LV= life insurance can financially protect your loved ones, should the worst happen, by providing a lump sum pay out.

But, with so many insurers in the market, how do you know if LV= is right for you?

At Reassured, we’re proud to provide LV= life insurance, along with many other leading insurers.

Over the last 12 months, we’ve secured over 6,000 LV= life insurance policies while helping our customers find their ideal policy^x.

We can help you to compare quotes, free of charge, allowing you to find the right life insurance to meet your needs. Simply get in touch today for your no-obligation quotes.

Key points with LV= life insurance:

• Cover starts from £5-a-month^[1]
• Level term and decreasing term life insurance available
• Terminal illness included at no extra cost
• Free access to LV= doctors services
• 97% of LV= life insurance claims were paid out in 2021^[1]
• Receive up to £250 of e-gift vouchers (terms and conditions apply)

Keep reading to find out everything you need to know about LV= life insurance…

LV= are rated 4.6 (out of 5) stars on Trustpilot, with over 60,000 reviews, across all their services.

Their life insurance, specifically, is rated 5 stars on Defatqo, the highest possible rating. With a customer experience rating of 71% on Fairer Finance.

Overall, the reviews of LV= indicate their customers are satisfied with the products and services provided.

LV= offer term-based life insurance. These are policies which provide cover for a specified period of time (the term) and will only pay out if you pass away during this time.

When taking out cover through LV= you have the option of level term or decreasing term life insurance. Below is a summary of these two policies:

LV= level term life insurance

• Provides a fixed lump sum pay out
• Available to those aged 18 - 84
• Policy term can be between 5 - 50 years
• Cover must cease by your 89th birthday
• Could help to cover an interest-based mortgage, other large debts and/or family living costs
• Can be taken out on a joint basis
• Terminal illness cover is included at no extra cost
• Critical illness cover can be added for an additional cost
• Available through Reassured

LV= decreasing term life insurance

• Provides lump sum pay out that reduces over time
• Available to those aged 18 - 84
• Policy term can be between 5 - 50 years
• Cover must cease by your 89th birthday
• Ideal for helping protect a repayment mortgage (sum assured can reduce inline with your mortgage balance)
• Can be taken out on a joint basis
• Terminal illness cover is included at no extra cost
• Critical illness cover can be added for an additional cost
• Available through Reassured

• Provides regular income payments
• Available to those aged 18 - 84 (or 79 with inflation linked cover)
• Policy term can be between 5 - 50 years
• Cover must cease by age 90 (or 85 with inflation linked cover)
• Cover can be level (remains the same) or inflation linked (will increase in line with Retail Prices Index)
• Ideal for those with young families who want to help protect their living costs
• Can be taken out on a joint basis
• Terminal illness cover included at no extra cost
• Available through Reassured Advice

LV= life insurance with critical illness cover

• Can be added to level term and decreasing term life insurance at extra cost
• Available to those aged 18 - 64
• Policy term can be between 5 - 50 years
• Cover must cease by age 80
• A lump sum payment will be made if you’re diagnosed with an illness that’s listed within the policy
• 38 conditions are covered including cancer, heart attack and stroke
• Option to add children’s critical illness cover for an additional cost (cover up to £35,000)
• Ideal for those who want an additional layer of protection
• Available through Reassured

Why not use Reassured’s award-winning broker service to compare LV= life insurance?

Comparing quotes could help you to find the right policy to meet your needs at the best available price from our panel of leading insurers.

Simply get in touch for your free quotes.

During the application process you’ll be required to provide key details about yourself and your chosen policy, including:

• Age
• Health & wellbeing
• Smoking status
• Weight/BMI
• Occupation
• Lifestyle (such as hobbies and alcohol consumption)
• Policy type
• Sum assured
• Policy term

These factors allow LV= to assess the level of risk you pose, and a premium price will be calculated accordingly.

The table below shows example quotes for LV= life insurance through Reassured.

Quotes are based on a non-smoker, in good health, for a level term life insurance for £250,000 of cover:

To ensure you’re getting the most affordable cover for your personal circ*mstances, it’s essential to compare quotes.

Reassured can help you to compare LV= with other leading providers.

Quotes through Reassured are completely fee-free and start from just 20p-a-day, so why not get in touch?

LV= life insurance policies come with a range of additional benefits and features which help to provide you with a greater level of cover. These include:

• Free access to LV= doctors services - Get fast and convenient access to expert medical services via an app or by phone, provided by Square Health. You’ll have remote access to over 5,000 UK medical professionals, a second opinion service, quick prescriptions, physiotherapy, mental health support and a health MOT
• Terminal illness cover at no extra cost - Receive an early pay out if you’re diagnosed with a terminal illness
• Guaranteed insurability - You may be able to increase your cover amount after a specific life event without needing to provide additional medical evidence
• Enhanced critical illness cover payments - With life insurance with critical illness cover policies, receive an additional 50% pay out on top of your chosen cover amount (up to a maximum of £200,000) if you’re diagnosed with one of the nine specified conditions outlined by LV=
• Reduced critical illness cover payment - If you opt for life insurance with critical illness cover you could receive a pay out of up to £30,000, without losing your life cover, if you’re diagnosed will a less severe condition
• Member benefits - You’ll have access to member benefits such as discounts on other LV= products and services, as well as access to a legal advice line and care navigator (help and support when seeking later life care)

Yes, you can take out LV= life insurance over 50. However, they no longer offer an over 50s plan (which is specifically designed for people over the age of 50).

It was previously possible to secure a policy called ’50 plus’ with LV=, however this is no longer available.

If you have an existing 50 plus policy with LV= a claim could still be made on the policy, when the time comes, providing the terms and conditions are still valid.

For new customers, LV= will take applicants up to the age of 84 for their term life insurance.

Depending on your personal circ*mstances, this could still be an affordable option.

Compare over 50 life insurance through Reassured

If you’re looking for specific over 50 life insurance to help cover funeral costs and/or provide an inheritance for loved ones, why not consider an over 50s plan from an alternative provider?

Reassured can help you compare over 50s plans from two leading insurers.

Over 50 life insurance through Reassured comes with the following benefits:

• Guaranteed acceptance to those aged 50 - 85
• No medical questions asked
• Rest of life cover & a guaranteed pay out when you pass away
• Cover up to £20,000 (depending on your personal circ*mstances and budget)
• Affordable premiums starting from just 20p-a-day⁺

Simply get in touch today to compare over 50s plans.

LV= aren’t currently offering a free welcome gift with their life insurance.

However, in the past they have offered many free gift incentives to those who purchase a policy through them directly.

Most recently, it was possible to receive an e-gift card (of your choosing) up to the value of £250.

Just because LV= aren’t currently offering a gift, doesn’t mean there won’t be opportunities for a free gift in the future.

Free gift offers can be a nice extra when taking out cover, but it shouldn’t be the main reason for you to choose one provider over another.

The best way to determine the right policy for you is to compare quotes from multiple insurers.

Please note, if you purchase life insurance through a broker, like Reassured, you will not be entitled to the gift

Yes, LV= life insurance can be written in trust.

Writing your policy in trust will pass the rights of your policy to a trustee upon your passing (similar to the executor of a Will).

This process detaches your policy from your estate, meaning you can avoid/minimise 40% inheritance tax on the pay out from your policy.

Loved ones also won’t have to wait for the funds to go through probate, allowing them to benefit from a faster pay out.

To find out more about writing your LV= life insurance in trust, you can check out the LV= online trust tool.

Alternatively, at Reassured, we have a dedicated team who can help you write your LV= life insurance policy in trust for free.

Yes, in 2022, 97% of all LV= life insurance claims were paid out. This helped to support 5,400 families with over £80.6 million being paid out in total.

The most common life insurance claims with LV= were made for:

• Cancer - 40%
• Heart related conditions - 20%
• Respiratory conditions - 9%
• Covid-19 - 6%
• Stroke - 5%^[3]

After a successful claim has been made on a life insurance policy, LV= aim to pay out within in 3 days.

A life insurance claim can be made by contacting LV= directly using one of the following methods

• Phone: 0800 765 5869
• Post: LV= Claims Department
  Emperor House
  Grenadier Road
  Exeter Business Park
  Exeter
  EX1 3LH
• Email: healthclaims@lv.com

You can cancel your life insurance policy at any time by contacting LV=.

If you cancel within 30 days of taking out your policy, you’ll be refunded any premiums you’ve paid.

If you cancel after the first 30 days, you won’t receive a refund.

You may also wish to cancel the direct debit from your bank to ensure no other payments are taken.

Once a policy has been cancelled, your cover will cease and loved ones will no longer be able to claim upon your passing.

For this reason, cancelling a life insurance policy should always be carefully considered.

Yes, as well as the life insurance options outlined in this article, LV= also provide income protection.

Income protection insurance is a policy which can replace lost earnings while you’re unable to work due to illness or injury.

You’ll receive monthly, tax-free, payments which can help you keep up with essential financial commitments (such as rent/mortgage payments, household bills and much more).

• Protect up to 60% of your usual earnings
• You’ll be covered against sickness and injury
• A range of policies available to suit different occupations and needs
• Available to compare through Reassured Advice (compare quotes from the whole of the market to find the best deal). Check out our dedicated income protection page for more information

Income protection can’t be added to a life insurance policy, but (if it’s within your budget) both polices can be taken out simultaneously for a comprehensive solution.

LV= offer a range of services to help you manage your policy. However, if you need to speak to a member of the team, you can call LV= on:

• Tel: 0800 678 1906
• Lines are open: 09:00 - 17:00 (Monday to Friday)

All LV= life insurance policies are underwritten by LV= themselves.

Underwriting refers to the process that occurs when you apply for life insurance, which helps to determine your insurability (how much cover you can take out and how much it will cost).

This helps to provide you with the right options for your personal circ*mstances.

Hopefully this review has helped to give an insight into the life insurance options offered by LV=.

Whether they are the right provider for you will depend on what you want to cover and your available budget.

If you’re looking for affordable term-based cover to help protect your mortgage and\or family living costs, LV= could be a good insurer to meet these needs.

If you’re looking for whole of life cover to provide loved ones with a guaranteed pay out, then LV= may not be suitable as these options aren’t offered.

Ultimately, only you know what’s best for you and your family. However, a friendly member of our team will be happy to provide you with any information you need to help you make an informed decision.

By using the broker service offered by Reassured, you can compare LV= life insurance quotes with other industry leaders.

Simply provide us with the necessary information and we’ll supply you with a range of quotes which best meet your personal circ*mstances.

We’ll also be on hand to support you through the application process and answer any questions you may have along the way.

And the best part - our award-winning quote service is fee-free.

All information regarding Liverpool Victoria’s product offerings is correct as of 26/04/23. This is subject to change by LV= at any time

[1] https://www.lv.com/life-insurance

[2] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/sunlife-cost-of-dying-report-2023.pdf/

[3] https://www.lv.com/about-us/press/lv-protection-claim-payouts-hit-119-million-in-2021

^xThis figure is based on the number of LV= life insurance policies sold through Reassured between 01/02/22 - 01/02/23