LV= Life Insurance review

Life insurance can provide valuable financial security for your dependents should you die prematurely or repay your debts if you die before these are repaid. In this independent review, we take an in-depth look at life insurance with LV=, including the types of life insurance LV= offers and what LV= life insurance costs.

We will also share ways in which LV= offers additional benefits as well as enhanced life insurance and critical illness cover. We also explain how to receive free guidance to ensure you buy the right life insurance for your circumstnaces and get up to £100 cashback when you do.

Who is LV=?

LV= - or Liverpool Victoria - was established in 1843 as a burial society in Liverpool, and was most commonly associated with offering ‘penny policies’. Policyholders could insure their own or their child’s life for as little as one penny a week and the organisation would pay towards a funeral.

By 1883 the company had more than 2,000 employees and in 1930, London’s Victoria House in Bloomsbury Square became the company’s new head office. By 1945 the office had more than 12,000 staff. In 1996, Liverpool Victoria took over the Frizzell Group and relocated its head office to Bournemouth. Eleven years later, the insurer launched a more ‘vibrant and modern’ brand, including a new logo and iconic green heart.

Other acquisitions have included ABC Insurance, LV Britannia Rescue, Highway, Wealth Wizards and Teachers Assurance.

On January 2 2020, LV= moved from being a friendly society to a company limited by guarantee and is now registered with Companies House as such. It remains a mutual society with 1.16 million customers who are also members and enjoy extra benefits.

LV= won the Health Insurance & Protection 2020 Best Individual Critical Cover Award. Protection Guru also awarded LV= the Gold Award 2022 for a number of its products including life insurance, family income benefit and critical illness insurance. Moneyfacts has awarded LV= "Best Income Protection Provider" thirteen times between 2010 and 2022.

LV= Life insurance overview

Below is an overview of LV=’s life insurance policy, including the types of cover available, the insurer’s claims history, and additional benefits of taking out a policy.

• Policy types: Choose from level term, decreasing term, increasing term and family income benefit. Choose from joint and single policies. Terminal Illness Cover is automatically included at no extra cost and you can combine life insurance with standard or enhanced critical illness cover.
• Claims record: 2022 - Life insurance 97%, critical illness 88% 2021 - Life insurance 98%, critical illness 93% 2020 - Life insurance 99%, critical illness 92%. 2019 - Life insurance 99%, critical illness 88%.
• Additional benefits: Policyholders have access to LV= Doctors Services through one handy app, including remote GP consultations and second medical opinions.
• Up to £100 cashback: If you apply for a policy through LifeSearch* (click on the link and complete the short form) you will receive up to £100 cashback. You can find out more below.

LV= Life insurance policy summary

Key facts and features for LV=’s life insurance policy are highlighted below:

LV= Life insurance summary

Type of cover	Life Insurance
Options	Level term, decreasing term, increasing term, gift inter vivos or family income benefit.
Policy Coverage	Single or joint life first event (pays out on first death).
Terminal Illness Cover included?	Terminal Illness Cover is automatically included and pays out if you are diagnosed with a terminal illness and your life expectancy is less than 12 months.
Can cover increase over time (indexation)?	If you choose inflation-linked life insurance, the amount of cover will rise each year in line with the Retail Prices Index measure of inflation. Your premium will also go up by inflation multiplied by 1.5.
Waiver of Premium	You can choose to add Waiver of Premium for an additional cost. This means you won’t have to pay your premiums if you cannot work due to an accident or injury.
Minimum age at entry	17
Maximum age at entry	84 (79 for inflation-linked cover)
Policy Exclusions	Suicide in the first 12 months is not covered. Terminal Illness Cover will not pay out if the illness is not expected to cause death within 12 months.

Key facts and features for LV=’s critical illness policy are highlighted below:

LV= critical illness insurance summary - Standard cover

Type of cover	Standard Critical Illness
Can it be combined with life cover?	Yes
Premium type	Guaranteed or Reviewable.
Number of critical illnesses covered	41 conditions covered - 39 covered for full payment and 2 for partial payment with 9 enhanced payment conditions
Children’s critical illness cover included	Enhanced children’s critical illness cover can be added at an additional cost Covers children from birth to age 23 95 conditions covered including 10 child-specific conditions, 58 for full payment and 37 for partial payment It pays 50% of the parent's cover amount up to a maximum of £35,000 £5,000 lump sum payout for 6 types of pregnancy complication £5,000 lump sum payout for child funeral cover
Total and permanent disability cover included?	No, but can be added at an extra cost
Minimum age at entry	17
Maximum age at entry	64 (59 for inflation-linked cover)
Policy exclusions	No payout will be given if you die within 14 days of being diagnosed with a critical illness (this does not apply to children’s cover) or if you are diagnosed with an illness not covered by the policy.

LV= critical illness insurance summary - Enhanced cover

Type of cover	Enhanced Critical Illness
Can it be combined with life cover?	Yes
Premium type	Guaranteed or Reviewable.
Number of critical illnesses covered	87 conditions covered - 49 covered for full payment and 38 for partial payment with 17 enhanced payment conditions
Children’s critical illness cover included	Standard children's critical illness cover is included Covers children from birth to age 23 85 conditions covered, 48 for full payment and 37 for partial payment It pays 50% of the parent's cover amount up to a maximum of £25,000 Option to upgrade to Enhanced children’s critical illness cover at an additional cost Covers children from birth to age 23 95 conditions covered including 10 child-specific conditions, 58 for full payment and 37 for partial payment It pays 50% of the parent's cover amount up to a maximum of £35,000 £5,000 lump sum payout for 6 types of pregnancy complication £5,000 lump sum payout for child funeral cover
Total and permanent disability cover included?	No, but can be added at an extra cost
Minimum age at entry	17
Maximum age at entry	64 (59 for inflation-linked cover)
Policy exclusions	No payout will be given if you die within 14 days of being diagnosed with a critical illness (this does not apply to children’s cover) or if you are diagnosed with an illness not covered by the policy.

Additional free benefits provided with LV= life insurance

• Terminal Illness Cover is automatically included with life cover and will pay out if you are diagnosed with an illness and your life expectancy is less than 12 months.
• LV= Doctor Services is included which provides access to six expert medical services through a smartphone app or via a phone call. These include prescription services, second medical opinions, discounted health MOTs, remote physiotherapy, GP consultations and psychological services.
• Standard children's critical illness cover is included if you choose Enhanced critical illness cover for yourself and can be upgraded to enhanced children's critical illness cover at an additional cost. If you choose standard LV= critical illness cover for yourself, you can add enhanced critical illness cover at an extra cost.
• Cover levels can be increased without medical underwriting if you get married, get a pay increase of 10% or more, have a baby or adopt a child, increase your mortgage or get divorced.
• £1000 'cost of cancer diagnosis payment' in advance if diagnosed with cancer and awaiting the full claim to be paid.
• Critical illness conditions that are covered can boost your payout by double up to £200,000 more than your cover value.

Optional benefits provided by LV= life insurance

Waiver of Premium is available for an additional cost. This means you won’t have to pay your premiums if you are unable to work due to an accident or injury. LV= offers waiting periods between one month and six months.

Junior Option gives your child the chance to take out a combined life and critical illness policy of their own, up to £35,000, without having to go through medical underwriting if it is within six months of their 23rd birthday.

How much does LV= life insurance cost?

The tables below show monthly premiums for £250,000 of level term life insurance with LV= over a 20-year term.

The figures cover both a non-smoker and smoker in various age groups and premiums have been compared to the cheapest and most expensive in the market.

LV= life insurance price comparison - £250,000 over 20 years (Non-Smoker)

	LV= premium	Cheapest premium	Most expensive premium
25-year-old non-smoker	£7.42	£5.82	£9.43
35-year-old non-smoker	£11.99	£10.50	£14.28
45-year-old non-smoker	£27.18	£22.58	£30.21
55-year-old non-smoker	£68.62	£60.02	£81.83

LV= life insurance price comparison - £250,000 over 20 years (Smoker)

	LV= premium	Cheapest premium	Most expensive premium
25-year-old smoker	£10.00	£9.80	£12.67
35-year-old smoker	£20.90	£20.06	£26.45
45-year-old smoker	£55.69	£54.76	£69.78
55-year-old smoker	£164.88	£162.68	£233.35

Keep in mind that the amount you, as an individual, will pay for your monthly life insurance premiums will depend on several factors including your age, your health, whether you smoke, your occupation, how much cover you require and the length of the term. The above figures should therefore only be used as a guideline.

To get a clearer picture of how much you could pay each month, it’s worth talking to an independent insurance specialist who will also be able to advise you on the type of cover that's best for you. Below we explain how you can also qualify for £100 cashback if you decide to take out a life insurance cover policy.

LV= life insurance reviews

Trustpilot has collected over 69,000 reviews for LV= life insurance and LV= is rated 4.5 out of 5 stars based on these reviews which deems the company, 'Excellent'. The reviews include LV='s home insurance, car insurance and pet insurance as well as Liverpool Victoria life insurance reviews. Trustpilot ranks LV= 127 out of 209 companies within the 'insurance agency' category.

LV='s enhanced term life insurance products are rated 5-star policies by Defaqto which means that they are deemed an 'Excellent product with a comprehensive range of features and benefits'. The basic term life insurance products without enhancement, on the other hand, are rated 3 stars by Defaqto meaning they fall into the 'A standard product providing an average level of features and benefits' category. LV= also received a Gold Service rating from Defaqto in 2022.

Best way to buy LV= life insurance?

If you’re planning to buy life insurance with LV=, it’s worth first speaking to an independent insurance specialist such as LifeSearch*. They can access quotes from all major insurance companies to help you get the best deal and match you with the insurance provider who will view your application more favourably.

Independent specialists can also advise on the best policy for your circumstances, as well as help you calculate how much cover you need so you have full peace of mind. They will also be on hand to help you complete your application form, put your policy into trust, or to help you claim in the future. Simply complete this short form* to get a quote. There is no obligation to take out a policy, but if you decide to, you will qualify for up to £100 cashback.

LV= life insurance summary

• Established in 1843.
• In 2022, LV= paid out 97% of life insurance claims and 88% of critical illness claims.
• Life insurance automatically includes Terminal Illness Cover and can also be combined with Critical Illness Cover.
• Enhanced children's critical illness cover can be added if you take standard critical illness cover with your own policy
• Standard children’s critical illness cover is automatically included if you take enhanced critical illness cover with your own policy and can be enhanced at an extra cost to provide more comprehensive cover for your child.
• Policyholders benefit from LV= Doctor Services which provides easy access to expert medical services.
• LV= life insurance may not necessarily be the cheapest option for you as your monthly premiums will depend on several factors.
• To ensure you get the right policy at the right price, it’s important to shop around and compare deals carefully.
• If you buy a life insurance policy through LifeSearch* you will receive up to £100 cashback. Simply click on the link and fill in the short form to be called back at a time that suits you.

 

If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article - LifeSearch