Liverpool Victoria life insurance

About Liverpool Victoria Life Insurance

Starting out in 1843, Liverpool Victoria, more commonly known as LV=, was initially founded in the city of Liverpool. The founders set up the business venture to give the poor residents of the city a chance to bury their loved ones. Agents went from door to door, selling ‘penny policies’ and collecting penny premiums. The penny premiums were a form of life insurance - allowing people to leave a small sum behind to cover funeral costs.

Today, LV= has become a nationwide mutual protection, savings and retirement provider. LV= now offers a wide range of financial products to help customers protect their income during their working lives and make the most of their income in retirement.

LV= is a mutual company which means that the company is run for the benefit of its members rather than shareholders. The mutual status of LV= allows the company to focus on its members rather than profit. The strong customer service record is reflected by LV='s continual stream of awards and high customer ratings.

In 2019, LV= paid 99% of all life insurance claims and 88% of all critical illness claims.

What the LV life insurance reviews say

LV= has been voted the Moneywise Most Trusted Life Insurance provider every year for 7 years, from 2013 to 2019. In addition to a stream of awards, LV= has ‘excellent’ status on Trustpilot, with a score of 4.7 out of 5.

What types of life insurance does Liverpool Victoria offer?

LV= offers a range of life cover options which last from between 5 to 45 years. You can take out both level term life cover and decreasing term life cover with LV=. A policy with LV= can be taken out at any age from 17 to 79, on the condition that the policy ends before you turn 85. If you’re looking to add critical illness cover to your policy too, the policy must start when you're between 17 and 64 years old.

LV= level cover pays out a lump sum if you die during the policy term. Level term policies provide certainty as both the cover amount and premiums are fixed for the full term. When you take out the policy, you can choose both the amount of cover and the term length.

If you choose to take out decreasing cover, the cover amount decreases year on year in line with an outstanding repayment mortgage or loan. The lump sum decreases so that whether you die after 5 years or 25, the amount you receive will cover the remaining loan amount. The premium payments remain the same for the full policy term.

With LV=, you can choose to take out either single life cover or joint cover. Single life cover insures only one policyholder and pays out only once if a claim is made during the policy term. If you have a partner, you can choose to have two single life plans or you may consider joint life cover.

Joint life cover insures both policyholders for the same amount of money and the same length of time under one policy. LV= joint life cover will pay out only once, on the death of the first partner which leaves the surviving partner without life cover. 

What other protection does LV= offer?

Through LV=, you can take out a range of further financial protection to provide extra peace of mind for you and your family.

LV critical illness cover 

Critical illness cover helps make sure your family are protected financially if you fall critically ill. LV= offers the option to add critical illness protection to your life cover. If you take out critical illness cover, LV= will pay out a lump sum if you're diagnosed with one of the covered critical illnesses during the policy term.

LV= critical illness cover includes up to £25,000 worth of critical illness cover for your children from birth up to the age of 23. For more comprehensive children's cover, LV= offers a full junior critical illness cover policy. The policy requires no medical assessment for children as long as the policy is taken out within 6 months of their 23rd birthday.

LV income protection

Income protection can help you to minimise the effect of ill health on your family and allow you to keep meeting your financial commitments. Whether you’re employed or self-employed, if you’re unable to work after an accident or becoming unwell, income protection cover will pay you a regular income. 

LV= income protection pays a regular benefit of up to 60% of your usual income and provides rehabilitation services to help you recover. You'll receive fracture cover at no extra cost, as well as a £1500 benefit guarantee which is automatically included in your policy.

Why choose LV= life insurance?

LV= life insurance cover includes terminal illness cover at no extra cost to policyholders. To help make the claims process as simple as possible during a challenging time, LV= aims to pay all life insurance claims within three days of receiving all required paperwork.

There are a wide number of exclusive benefits offered to LV= members. You can become an LV= member simply by owning a qualifying product, which includes most of the current product range available. 

As a member, you receive access to LV= Doctor Services at no additional cost. LV= Doctor Services provides fast and convenient expert medical advice to help policyholders look after their health, whatever medical concern they have. 

Through LV= Doctor Services, policyholders can access medical professionals across the country remotely, get private prescriptions, receive physiotherapy and access mental health support among other services. 

Other benefits include:

  • Discounts on a wide range of insurance products provided by LV=, ranging from car and home insurance to retirement planning advice.

  • Access to the LV= Health e-Hub app, providing mini health checks and interactive wellbeing programmes.

  • A dedicated member care line with access to qualified counsellors and confidential legal advice.

How to contact LV=

You can apply for life insurance online at https://www.lv.com/life-insurance or for more information about life protection, contact the LV= partner LifeSearch at 0800 197 2266.


23rd September 2020