About LV=

LV= (Liverpool Victoria) is a mutual protection, savings and retirement provider, founded in 1843. It has 1.28 million customers – 1.25 million of which are members. LV=’s mission has always been the same: ‘to help people live more confident lives’. As of January 2020, LV= moved away from its friendly society status to become a company limited by guarantee.

LV= life insurance policy features

If you buy life insurance through LV=, your policy is likely to come with the following features:

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance cover after certain life changes. In an LV= policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; increasing your rent; and taking out a new mortgage or increasing your mortgage.
Payment delay You’ll be able to delay the payment of your monthly life insurance premiums beyond your usual pay date – giving you a little extra flexibility, if needed.
Reinstatement If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive).
Terminal illness benefit If you fall terminally ill while you hold an LV= life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

LV= life insurance extra benefits

LV= life insurance policies also come with extra benefits, outlined below. These features are ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and can be provided by a third party. Everyone is eligible for them – though they’re usually only made available if you buy your LV= policy through an adviser.

Doctor services by Square Health This benefit gives you access to a number of expert medical services using the latest technology. This includes: up to five GP video consultations per year; private prescriptions; a second medical opinion; video consultations and bespoke treatment plans with a trained physiotherapist; up to five counselling or CBT sessions via video consultation; and 25% off health MOTs.
LV= Member Care helpline This helpline gives you unlimited access to a team of medical professionals for health advice and counselling services; and to qualified solicitors and legal executives for legal advice.

LV= life insurance claim rates

In 2018, LV= paid out 94.6% of life insurance claims. The 5.4% of claims not paid out were due to misrepresentation (i.e. the customer not providing accurate information about themselves when they took out the policy). Please note: this claim rate includes the LV= Lifetime+ product which is no longer available.

In the same year, LV= paid out 89.1% of life insurance claims made via the terminal illness benefit – a feature which allows the lump sum to be paid out early if you’re diagnosed with a terminal illness (i.e. a doctor says you have 12 months or less to live). 3.3% of these claims were rejected due to misrepresentation and 7.6% because the claim did not meet the required definition.

LV= life insurance prices

The following prices are based on:

  • Healthy 25-year old male or female
  • £150,000 of level life insurance cover
Term Non-smoker Smoker
10 years £8 £9.70
20 years £8 £9.70
30 years £8 £10.80
  • Healthy 25-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £9.10 £14.40
20 years £9.10 £14.40
30 years £10.30 £16.40
  • Healthy 35-year old male or female
  • £150,000 of level life insurance cover
Term Non-smoker Smoker
10 years £8.10 £13.20
20 years £8.70 £17
30 years £11.20 £23.30
  • Healthy 35-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £12 £20
20 years £13.10 £25.80
30 years £16.90 £36.90

Quoted on 14/02/2020

LV= critical illness cover

As well as life insurance, LV= offers critical illness insurance policies (see our review of LV= critical illness cover). As with life insurance, LV='s critical illness policies come with two extra benefits: Square Health doctor services and the LV= member's helpline. Both of these give you access to a range of expert health services.

Need life insurance? Let's work out which insurer is right for you, starting with your age:
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It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).
Life insurance: Anorak's complete guide Do I need life insurance? Glossary of life insurance terms
What is the minimum age for a life insurance policy with LV=?
You need to be at least 18 to take out an AIG life insurance insurance policy. Most people take out life insurance once they have financial dependents – i.e. other people who’d be financially affected by your death.
Is LV= good for life insurance?
LV= (Liverpool Victoria) is a protection, savings and retirement provider with 1.28 million customers, founded in 1843. It’s a highly reliable provider, but is only the right insurer for you if it offers a policy that’s suitable in your unique circumstances. An adviser will be able to help you work out which policy and insurer is best for you.
How do I cancel my LV= policy?
To cancel your life insurance policy, you’ll need to contact LV= directly. If you cancel within 30 days of taking out a new policy, you’ll usually be refunded your first premium – but if you cancel after that point, you won’t get anything back. Read our guide to cancelling life insurance before making any decisions.
How do I make a life insurance claim with LV=?
To claim on your LV= life insurance policy, your family (or whoever’s dealing with financial matters after you die) will need to contact the insurer directly. To start with, they’ll need to provide your name, cause of death, and policy number. Then, to complete the claim: your death certificate, a policy document, and a completed claims form. Our guide to claiming life insurance should help.