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LV= Life Insurance

Founded in 1843, Liverpool Victoria Friendly Society Limited does not have any shareholders and together with its subsidiary companies the Society is an insurance and financial services business in the United Kingdom. They offer a broad range of products and services including savings, investments, life insurance, home and motor insurance, credit cards and financial advice. The recent rebrand from Liverpool Victoria to LV= does stand next to the brightly coloured insurers of the new cyber age well whilst still remaining business like.

LV= offer a variety of life insurance products to suit people of various ages and circumstances. The main two types of life insurane products available are 'Level Life Insurance' and 'Decreasing Life Insurance'. With Level Life Insurance the amount you are covered for is fixed when you start paying the premiums and won't change although but this value does not increase with inflation and so the vlaue of the policy will be worth less the longer it is valid for. With Decreasing Life Insurance you are covered for a reducing amount that is still owed on a mortgage for example. The value of the policy reduced year on year but the monthly premiums remain the same. The one you choose depends on your circumstances and what you want to leave to your family should the worst happen and you pass away.

LV= Level Life Insurance

As with any type of life insurance, there are pros and cons to each policy type and its worth thinking them though before taking out a long term policy. A level life insurance policy will pay out a guaranteed amount to your loved ones should you die during the policy term, and with its fixed payout and monthly premiums you know exactly what to expect. The downside is that the policy will only pay out if you die during the policy term and if a claim isn't made you will not recieve any of the money back at the end of the policy. Also, this type of policy does not keep up with inflation and the actual amount you insure yourself for now will be worse less in years to come.

LV= Decreasing Life Insurance

Decreasing life insurance allows your family to pay off a mortgage or loan in the event of your death. However decreasing life cover can only be calimed during the policy term and there is no pay out at the end of the policy. The value of the policy also reduces every year to only cover the amount that is owed on an outstanding loan.

LV= offer both types of policy up to £500,000 (£300,000 if you're 56-65, or £200,000 if you're 66 to 69 when you apply), and you can take a policy with monthly payments as low as £5. You also choose the length of time you want the policy to last. LV= also allow you to take out additional policies if you're worried that you have not insured yourself for enough.

Be sure to check some of the terms and conditions of the policies though, as LV= won't pay out if you attempt to claim under a terminal illness in the last 12 months of the plan. You will also need to take into consideration inheritance tax for any payout over £325,000.

Get a life insurance quote:
0800 756 8520
Discuss an existing life insurance policy:
0845 640 5273
Make a life insurance claim:
0800 756 5869


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