Review: LV= Life Insurance

David Woodfield By David Woodfield

SUMMARY

LV=, officially known as Liverpool Victoria, is the largest friendly society in the UK and provides life insurance and critical illness cover.

LV= began as Liverpool Victoria in 1843 as a burial society but now offers a wide range of insurance products and retirement solutions. At the beginning of 2015 LV= was ranked as the best insurance business in the UK, according to 2014 UK Institute of Customer Service Satisfaction Index.

You can compare LV= life insurance quotes with specialist comparison site www.activequote.com.

OVERVIEW OF LIFE COVER PROVIDED BY LV= INSURANCE UK

LV= offer life insurance to provide a lump sum to you family and dependents in the event of your death. You can also include critical illness cover in the same policy.

Life insurance from LV= pays your family a lump sum of money if you die during the policy term. It is designed to help with a loss of income by helping with mortgage repayments and cost of living.

You must be between 17 and 69 years old if you wish to buy life insurance from LV= and you must be a permanent UK resident. The amount of cover you can choose varies depending on your age at the start of your policy - £500,000 if you are 55 years or under, £300,000 if you are aged 56 to 65 years and £200,000 if you are 66 years or older.

For joint life insurance policies the benefit limit is restricted to the eldest person on the policy. Your policy has to be at least five years long but cannot last more than 45 years. The policy must end before you reach 85 years old.

You can choose a decreasing or level term policy with LV= life insurance depending on your circumstances. A level term policy with LV= has a fixed amount of cover for the entirety of the life cover plan. The lump sum will not keep up with inflation. A decreasing policy reduces the amount payable to your family when you die. The cover will go down every month and while the premium is fixed it is usually much lower than a term policy.

LV= paid 98% of their life insurance claims and 88% of all critical illness claims in 2014 putting them amongst the best insurers in the industry.

By comparing life assurance policies with www.activequote.com you can receive free advice from FCA-authorised advisors who can assist you find the right policy for you.

CAN I ADD CRITICAL ILLNESS COVER WITH LV= LIFE INSURANCE?

As with the majority of life insurance policies you can add critical illness cover with LV=. Combined with life insurance, critical illness cover will pay out on death or are diagnosis with one of 64 pre-defined illnesses. You can select different amounts to be paid in the event of a claim, for example you may insure your life for £100,000 but only insure yourself for £25,000 in the case of a critical illness.

LV= provides critical illness cover for children until their 21st birthday at no extra cost. All conditions are covered apart from total permanent disability and diabetes mellitus type 1. Critical illness claims will only be successful if you survive for at least 14 days after being diagnosed.

WHAT ARE THE ACCEPTANCE CRITERIA FOR LV= INSURANCE COVER?

The maximum age for new cover is 79 years old and you must be a permanent UK resident. As part of your application you may need to give your doctor’s details and declare your medical history. It is important to be as truthful as possible as any inaccuracies could result in a claim being rejected.

WHAT HAPPENS IN THE EVENT OF THE DIAGNOSIS OF A TERMINAL ILLNESS?

If you are diagnosed with a terminal illness you can make a claim on your life insurance policy. However the amount you are entitled to will be reduced by 3% of the original lump sum. You will not be eligible to make a claim for terminal illness if there is less than 12 months on your life insurance policy.

Once you have successfully claimed for a terminal illness your life insurance policy will end.

HOW MUCH DOES LV= INSURANCE COVER COST?

Policies from LV= start from £5 a month but will vary in cost depending on how much you wish to cover, your policy length and your personal details.

Your age and whether you smoke can impact the cost of your premiums. However once your policy starts your premiums do not change until your cover ends.

WHAT DO LV= INSURANCE REVIEWS BY CUSTOMERS SAY?

LV= life insurance has a 8.9 rating out of ten from 525 customer reviews according to independent site Reevoo. Financial website money.co.uk’s customers rate life insurance LV= as excellent with an 86% approval rating from 14 reviews.

WHAT DO LV= INSURANCE REVIEWS FROM THE EXPERTS SAY?

LV=’s life insurance has a three out of five star rating from the independent reviewer of financial products Defaqto.

Independent review site Fairer Finance award LV= a bronze certificate and rank them 14th out 28 providers in their life insurance category. This ranking is based on scores for claims, complaints and transparency.

LV= recently won five awards at the Lifesearch Awards 2015 including Best Overall Provider. They were also named the Most Trusted Life Insurer at the Moneywise Customer Service Awards 2015.

You can read more about the history of Liverpool Victoria here.

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