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.
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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. You can read our review of LV= critical illness cover here. 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.

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).
What is life insurance?
An insurance policy that pays out a tax-free lump sum to your partner or family if you die. It’s designed to make sure your loved ones would be financially secure without you and your income.
Who needs life insurance?
Anyone who has financial dependents. In other words: other people who rely on your income. If you have a partner or children who’d be financially affected by you dying, you should consider having some life insurance in place.
How much does life insurance cost?
Life insurance is often very affordable, but the cost will be different per person. This is because it depends on the cover you buy and how much of a risk you are to insure (based on your age, health and lifestyle). Generally speaking, it's cheapest when you’re young, fit and healthy.
Does life insurance always pay out?
Life insurance will pay out if you die while you’re insured and you were honest about your health when you applied. It won’t pay out if you die after your policy runs out or you cancel it – and might not if you meet an exclusion (e.g. many insurers exclude death by suicide within the first year).
Is it easy to claim?
Claiming on a life insurance policy is straightforward – your partner or family simply claim directly with your insurance company. Making sure they know about your policy and have the details in case the worst happens can be helpful.

This review is intended for informative purposes only and does not constitute advice.