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LV Life Insurance Review 2024

LV is an iconic UK life insurance company, most well-known for its extensive range of financial products and bright green branding. It has millions of customers in the UK and more than 57,000 5 Star customer reviews on Trustpilot (rated ‘Excellent’).

LV’s life insurance policies are popular among UK households, and they’re regularly listed as one of the top insurers in the UK. Their products are also highly-rated by industry experts, winning awards such as 5 Star Critical Illness Cover (Moneyfacts Awards 2023) and the Outstanding Insurer of the Year (LifeSearch Awards 2023).

Popular LV life insurance additional benefits:

  • Free access to LV= Doctor Services which provides a range of medical advice services to support you and your family.
  • Free terminal illness benefit is added automatically which pays out if you are diagnosed with a terminal illness (life expectancy of 12 months or less).
  • Children’s critical illness cover is included as standard with all adult critical illness insurance policies.
  • Junior option allows children covered in the policy to take out their own LV life and critical illness policy with no medical underwriting (within 6 months of their 23rd birthday).
  • Enhanced pay outs for 9 medical conditions with LV life and critical illness cover policies. This will pay out the full 100% of the sum assured in your policy PLUS an additional 50% on top.

In this LV life insurance guide, our team of insurance experts explain how LV life insurance works and which benefits are available for policyholders. To give you a full overview, we have included real-life price examples, details about how to apply, and key facts to be aware of.

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60-Second Summary – LV Life Insurance Review 2024

LV (also known as ‘LV=’ or ‘Liverpool Victoria’) has over 6.5 million UK insurance customers and life insurance is one of their most popular products. They offer several types of life insurance which can be tailored to suit your budget and the level of cover that you need.

LV works to support their customers in various areas of their lives, with free benefits like LV= Doctor Services. You can use this to access second medical opinions, prescriptions, and other services 24 hours a day, 7 days a week.

  • LV life insurance pays out a cash lump sum if you die, to support your family with key expenses (e.g. mortgage repayments) that might otherwise be unaffordable.
  • LV’s life insurance policies are well-rated by industry experts, with 13 Defaqto 5-star ratings and multiple awards.
  • You can write your LV policy into Trust for free, which gives you more control over your policy. A Trust allows you to legally specify who receives the pay out from your life insurance policy (similar to a Will).
  • LV sells a range of life insurance products including family life insurance, mortgage life insurance, and over 50s life cover.
  • LV also sells critical illness insurance, which can be combined with your life insurance policy to provide a higher level of financial protection for your family.

LV offers a wide range of life insurance products, which includes family life insurance, mortgage life insurance, over 50s life insurance, and joint life insurance policies.

Their website claims to offer life cover from as little as £5 per month, but the actual price will vary based on things like your age, health, and lifestyle. They frequently advertise their life insurance policies and other forms of insurance on TV and radio.

LV allows you to increase your cover after significant life events (e.g. marriage) without any need for extra medical underwriting. This gives you the flexibility to tailor your cover to your situation throughout your life, rather than having to cancel and buy a new policy with a higher level of cover.

LV is consistently rated well by their customers, and they currently have an independent rating of 4.4 out of 5.0 Stars (Excellent) on the independent review site Trustpilot. Their policies are highly rated by industry bodies like Defaqto, with 13 Defaqto 5-Star rated policies* as of 2024.

LV also provides an extensive range of member benefits for their customers, like their free online health support services (the Health e-Hub and My Healthy Advantage apps). As another bonus, LV offers discounts for buying multiple insurance products (e.g. car insurance as well as life insurance).

Note: This is across life insurance, critical illness insurance, and income protection insurance policies.

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LV have over 6.5 million UK insurance customers and life insurance is one of their most popular products sold. Life insurance is a great way to give your family financial security and gives you peace of mind that they will be well supported if you die.

Your policy will pay out a cash lump sum in the event of your death and should cover any pre-existing medical conditions. You will need to declare any medical issues when you apply, which can affect the cost of your cover.

LV policies are flexible, allowing you to choose a specified level of cover that works for your budget and what you need to protect (family, mortgage etc.).

What does LV life insurance cover?

Below we have a table detailing the key facts about LV life insurance, including the policy details and terms.

Type of insuranceLV Life Protection
Which types of life insurance are available with LV?Level Term Life Insurance (Family Life Insurance)
Decreasing Term Life Insurance (Mortgage Life Insurance)
Family Income Benefit
Increasing Life Insurance (index linked)
Over 50s life insurance
LV life and critical illness cover (combined policy)
Relevant life insurance (business protection)
Key person cover (business protection)
What are the options for premiums?Guaranteed (fixed) premiums
Reviewable premiums (increasing life insurance)
Can you buy LV joint life insurance?YES – You can buy a joint life insurance policy to protect you and your partner.  
This pays out on the death of the first partner insured, and then the cover ends.
Can I buy LV over 50s life insurance?YES – Over 50s life insurance is available with LV. This is a form of whole life insurance, with no set policy term.
Is terminal illness benefit included?YES – Terminal illness cover is included automatically with LV life protection policies. The benefit pays out if diagnosed with a terminal illness (life expectancy 12 months or less).
Does LV sell increasing life insurance?YES – You can buy a policy where your cover amount will increase over time.  
Your cover amount (sum assured) and policy premium will increase at a rate of 1.5x the current rate of inflation per year.
Does my policy include Waiver of Premium?Waiver of Premium benefit can be added to your policy for a small extra cost.
This pays your monthly premiums if you are unable to work due to an accident or sickness for more than 26 weeks.
How long will I be covered for (term life insurance)?Minimum policy term – 5 years
Maximum policy term – 50 years
Does LV have age limits for their policies?Minimum age at entry – 17 years
Maximum age at entry – 84 years (79 for increasing cover)
Maximum age at end of policy term – 90 years (85 for increasing cover)
Is there anything that I can’t claim for (policy exclusions)?You can’t claim for suicidal death within the first 12 months of the policy start. Your terminal illness benefit won’t pay out if your claim doesn’t meet the terms and conditions of your policy.

LV Life Protection Policy Summary – CLICK HERE

Note: It’s always best to compare multiple life insurance quotes to ensure that you are happy with the policy that you choose. If LV doesn’t feel like the right choice to protect your family or mortgage, there are a range of other insurance companies that might work better for you.

Life Insurance provider reviews

There isn’t a set price for LV life insurance, though they claim that they can offer cover from only £5 per month. While you could pay this price, you may pay more than this based on your lifestyle, your age, your occupation, any medical conditions, and your smoker status.

It will also cost more to buy a higher level of cover, so you will usually pay more for a higher level of protection. There are a few simple ways to save money on your cover such as choosing a shorter policy term or making changes to your lifestyle (e.g. stop smoking).

To show you how much you could pay for your cover, our insurance experts have put together the tables below. These are examples of real LV customers who have bought policies with the help of our experts within the last 12 months.

Case Study 1: Mr Y.

Details of applicantMr Y. was born in 1999 and is classed as a smoker (quit 6 months).
Health details and informationMr Y. does not have any pre-existing conditions but does have a ‘high-risk’ occupation (marine engineer).  
Height: 5’7” / Weight: 16st
Cover requirementsMr Y. wanted £200,000 of level term life insurance to protect his family over the next 45 years.
Monthly premiums (£s)£26.08 per month
Guaranteed (fixed) premiums

Case Study 2: Mrs G.

Details of applicantMrs G. was born in 1990 and is a non-smoker.
Health details and informationMrs G. has depression (diagnosed 2008), which is treated with medication.  
Height: 5’3” / Weight: 76kg
Cover requirementsMrs G. wanted £90,000 of decreasing life insurance to protect her mortgage over the next 30 years.
Monthly premiums (£s)£23.06 per month
Guaranteed (fixed) premiums

Critical illness insurance is another policy that is available for LV customers. LV’s critical illness insurance will pay out if you are diagnosed with 1 of 41 key conditions that are listed within your policy documents.

You must be at least 17 years old to apply and can buy a new policy up until you turn 65 years old (age 60 if you choose increasing cover). Your policy will only protect you up to age 80 at highest,

Key facts about LV Critical Illness Cover:

  • You can buy either level term, decreasing, or increasing critical illness insurance (depending on your life insurance policy).
  • 38 conditions will pay out 100% of your cover amount (sum assured).
  • 2 conditions will pay out 25% of your sum assured or £25,000 (whichever is lowest).
  • 9 specified conditions will trigger an enhanced pay out of 150% (100% pay out plus an extra 50%, up to £200,000). This includes conditions like permanent deafness or blindness, loss of hand or foot, and permanent paralysis of limbs.
  • If you choose ‘enhanced’ critical illness cover, you will be protected against 87 specified conditions. This includes 49 full (100%) payment conditions and 38 ‘additional payment’ conditions (pay out amount depends on the condition).
  • Children’s critical illness cover is included for free, which pays out if your child is diagnosed with 1 of 95 specified medical conditions. Your policy will also pay out £5,000 for child funeral cover or for specified pregnancy complications.

Note: Like several of the UK’s main insurance companies, you can only buy LV critical illness cover in combination with an LV life insurance policy. These policies are not currently available as a standalone policy, though this could change in the future.

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It can be confusing to work out which contact number to use for LV insurance, as there are a lot to choose from. LV provides several Contact Us forms on their website too, to give you the option of contacting them online instead.

If you do want to speak to an LV team member directly, you can call or write to the LV life insurance team using the contact details below.

LV Life Insurance Contact Number UK

Telephone (general advice) – 0800 197 2266

Opening hours – Monday to Thursday 8.00am – 8.00pm / Friday 8.00am – 7.00pm

Post:

LV=,
Emperor House,
Grenadier Road,
Exeter Business Park,
Exeter,
EX1 3LH

LV aims to make claiming as easy as they can, understanding that your loved ones will be going through a difficult and stressful time if they need to claim on your policy.

If you need to claim on an LV life insurance policy, you can contact the LV claims team via phone call, email, or by post.

LV claims contact details

Telephone – 0800 756 5969

Emailhealthclaims@lv.com

Opening hours – Monday to Friday 9.00am – 5.00pm

Post:

LV= Protection,
PO Box 34,
Wymondham,
NR18 8HR

You always have the option to cancel your life insurance policy, even if you have had it for years. There shouldn’t be any extra charges attached to this and the process is generally straightforward.

If you cancel within the first 30 days of your policy (cooling off period), you will be refunded any premiums that you have paid so far.

How to cancel LV life insurance          

  1. Call or write to LV to let them know that you want to cancel your policy.
  2. Cancel your Direct Debit with your bank or building society.

Note: You also have the option of calling LV’s payment break support team, to take a temporary break from paying your premiums if needed. This allows you to keep your cover if you would prefer not to cancel completely.

LV Life Insurance Cancellation Contact Details

Telephone – 0800 678 1906

Opening hours – Monday to Friday 8.30am – 6.30pm

It’s possible that you might not be happy with your LV policy or the service that you have received. You are always entitled to complain, and you should contact LV to explain your concerns about your cover.

LV try to resolve all complaints as fairly and quickly as they can and will keep you updated throughout the process. LV states that if they have not responded within 8 weeks, you can refer your complaint to the Financial Ombudsman Service.

LV complaints contact details

Telephone – 0800 032 8280

Email – lifecomplaints@lv.com

Financial Ombudsman Service Logo

Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Emailcomplaint.info@financial-ombudsman.org.uk

How do I contact LV by phone?

There are different phone numbers for different departments within Liverpool Victoria (LV) insurance. We have included the relevant numbers for general enquiries, claims, and complaints within this guide.


Can I cash in my LV life insurance?

Your LV policy won’t have any ‘cash in’ value in the same way that an investment does. This means that if you cancel your LV policy, you will lose any money that you have paid in during your policy term.


How do I check my LV policy?

You can use your LV life insurance login on the LV website to check the details of your policy or to make small changes (e.g. change of address if you have moved).

You can get a LV life insurance quote from LV directly, through a price comparison website, or with the help of an experienced life insurance expert.

You should choose the route that feels right for you, and there isn’t a ‘right’ way to buy life insurance. It can however be cheaper and simpler to apply through a broker, who can provide proper advice about the cover that you need.

To speak to an LV life insurance specialist, you can call our team on 0800 009 6559 or CLICK HERE.

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Is it worth paying for life insurance?

Yes, if you’ve got children or financial dependents then you should have life insurance to protect them if you die. Martin Lewis and the Financial Conduct Authority recommend that you take out life insurance to protect your family and your home. Generally, life insurance premiums start from as little as £5 per month and will be cheaper for younger adults.

Common myths about life insurance:

  • Life insurance won’t pay out (pays out 98% of claims)
  • People with medical conditions can’t have life insurance
  • Life insurance is expensive
  • Savings can be just as effective as life insurance
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What is the average cost of life insurance per month?

Based on recent research carried out, the average cost of life insurance is approximately £38 per month and the average level of cover is £152,000. Life insurance premiums also vary dramatically from one insurance provider to another and you can reduce your monthly premiums by shopping around.

Fundamentally, life insurance premiums vary depending on your age, health and the amount of cover that you need, starting from as little as £5 per month. You can also get life insurance to protect your family and your home against financial loss if you die.

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Average cost of life insurance - iam|INSURED

What does life insurance cover you for?

Life insurance is a monthly renewable ‘term insurance’ contract that pays out a cash lump sum or regular payments on death to your family or beneficiaries. Policies are most commonly used for family protection or mortgage protection for your loved ones if you die and your household income reduces, plus the additional issues of losing a parent or carer.

Traditional life insurance will not exclude any pre-existing medical conditions and will cover suicide after 12 or 24 months. You can also use life insurance for business protection purposes as well as tax-efficient business life insurance for directors or key people.

What are the disadvantages of life insurance?

The biggest and most common problem that consumers have with life insurance is the cost and the monthly premiums. This is the top reason for policy cancellations and why more people don’t take out life insurance to protect their family.

Another key disadvantage with life insurance is that it holds no investment value, nor can you cash it in. Life insurance works like any other traditional general insurance policy (e.g. car insurance, house insurance, pet insurance etc.), you pay a monthly premium and it will pay out in the event of a claim. Some people decide to use savings instead of taking out life insurance but you need to make sure that you have sufficient savings to cover the costs of death for your family.

Why do I need life insurance?

The fact is that nobody actually ‘needs’ life insurance, but it is strongly recommended that families and couples have cover to protect their loved ones in the event of death. Martin Lewis recommends life insurance and says “this is something that every parent, partner, or person with any other type of dependent needs to consider”.

Life insurance financially protects your loved ones if you die and pays out a cash lump sum to repay your mortgage, pay for school fees, replace lost income, and pay for regular outgoings. Mortgage life insurance is not linked to your mortgage debt so you can use it to pay off some or all of your mortgage.

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At iaminsured.co.uk, we believe in much more than just insurance policies; we believe that everyone is unique and should be treated with the fairness that they deserve. We also believe in providing the very best financial protection, and giving you peace of mind to continue with your busy life without the stress or worry of what might happen.

We are dedicated to providing the best outcomes that we can and access to the best insurance solutions in the way that our customers want or need. We understand that everyone is totally unique in how they want things done and their own individual circumstances, which is where our totally unique approach to financial protection is driven from.

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With nearly three decades of expertise and established with a commitment to excellence in everything that we do. We have been a trusted partner for thousands of families, individuals and businesses, all with one common goal of looking for the best protection solutions.

Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

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