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Our experts review costs, policy features, and customer feedback on LV='s range of Life Insurance policies.
Liverpool Victoria, also known as LV=, is one of the UK’s best-known providers of financial services, serving more than 1.1 million customers.
LV= was ranked in the UK's Top 10 Best Life Insurance Companies for Term Insurance, Whole of Life Insurance, and Over 50s Life Insurance in recent independent research.
In this in-depth review article we look at:
LV= were originally founded as the Liverpool Victoria Friendly Society in 1843. The society was set up with the aim of providing financial security for its members, who were mainly working-class people.
In the early years, the society offered a range of services including sick pay, funeral benefits and loans. In the late 19th century, LV= began to offer life insurance policies, and by the mid-20th century, this had become the main focus of the business.
Today, LV= is one of the UK’s leading providers of life insurance, with a range of policies designed to meet the needs of different customers.
LV= offers three main types of life insurance:
LV= also offers a specialist over 50 life insurance policy. We review Liverpool Victoria Critical Illness insurance in a separate article.
Level term life insurance from LV= is designed to provide a financial safety net for your loved ones in the event of your death. The policy pays out a lump sum if you die during the term of the policy, which is typically 10, 20 or 30 years.
The amount you pay each month (the premium) is fixed for the duration of the policy, so you know exactly how much you will need to budget for.
Decreasing term life insurance from LV= is typically used to cover a repayment mortgage. The policy pays out a lump sum if you die during the term of the policy, which is typically 10, 20 or 30 years.
The amount of cover decreases over time, in line with the reducing balance of your mortgage. This means that the premium you pay each month also decreases over time.
Increasing term life insurance from LV= is designed to keep pace with the rising cost of living. The policy pays out a lump sum if you die during the term of the policy, which is typically 10, 20 or 30 years.
The amount of cover increases each year in line with the Retail Prices Index (RPI), so your family will be protected against inflation. The premium you pay each month also increases in line with RPI.
The over 50s life insurance policy from LV= is designed for people aged 50-80 who want to leave a lump sum to their loved ones. The policy pays out a lump sum if you die during the term of the policy, which is typically 10, 20 or 30 years.
The premium you pay each month is fixed for the duration of the policy, so you know exactly how much you will need to budget for.
The cost of life insurance from LV= will depend on a number of factors, including your age, health, lifestyle and the amount of cover you need.
To give you an idea of how much life insurance from LV= might cost, we’ve provided some sample monthly premiums for a 30-year-old non-smoker taking out a 20-year, £500,000 level term life insurance policy:
Prices are correct at the time of writing. To get a quote from LV= tailored to your circumstances, you can call them on 0800 085 8796 or visit their website.
When taking out life insurance with LV=, you will need to provide some personal information, including your name, date of birth, address and contact details. You will also need to answer some questions about your health and lifestyle.
LV= will use this information to assess your application and give you a quote. If you decide to go ahead with the policy, LV= will then conduct a medical underwriting process to finalise your cover.
This may involve a telephone interview with a nurse, a medical examination or a review of your medical records.
On Trustpilot, LV= has a customer satisfaction rating of 4.7 out of 5, based on more than 50,000 reviews.
Customers praise LV= for its competitive pricing, helpful customer service and easy-to-use website.
However, some customers complain that the claims process is slow, and that they have experienced difficulties getting in touch with LV= customer service.
Pros:
Cons:
In recent years, LV= has typically paid out between 96% and 99% of life insurance claims. Find out how that compares to the life insurance industry average.
Here are LV's pay out rates:
Source: LV= Claims Report
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
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