'LV Liverpool Victoria Life Insurance Reviews'
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Liverpool Victoria Insurance Review MSE

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Is Liverpool Victoria Life Insurance any good? (2024)

What's Liverpool Victoria Life Insurance like in 2024? Competitive UK Insurer ticks 7 boxes in 'LV life insurance reviews'. (PROS) 1: Financial Strength 2: Reliable Reputable 3: Claims Payout 4: Family & Business Plans 5: Defaqto Rated 6: Rider Benefits 7: Broker Only Deals. (CONS) Customer Services?

  • Financial Strength S&P: Stable Life Insurance review
  • Is Liverpool Victoria a Good Insurance Company Life Insurance review
  • Flexible range of Personal & Business Protection Life Insurance review
  • LV 'Liverpool Victoria Life Insurance' Broker Only Deals Life Insurance review

LV= Liverpool Victoria Insurance Claims Statistics:

LV Liverpool Victoria Insurance stats show their most common reasons for typical Critical Illness payouts were - Cancer, Heart attack and Stroke. Their 3 most common reasons for typical Income Protection payouts were Musculoskeletal, Cancer & Mental health disorders.


Smart Money: 4/5

Defaqto: 5 stars

Protection Guru: award

Background - Liverpool and Victoria Insurance Company

Review: Liverpool and Victoria Friendly Society started over 175 years ago in 1843. The Liverpool based company were famously known over the years for their Penny Policies. In 1996, 'Liverpool Victoria Insurance' bought Frizzell Insurance based near Bournemouth & then moved their Liverpool head offices down south. 

From 2007, 'Liverpool Victoria Insurance' re-branded to be known as just LV= Insurance. Having become one of the UK's largest Friendly Societies & Insurers, Liverpool and Victoria Insurance Company now LV= Insurance went on to then acquire the former GE Life business and also takeover Teachers Assurance.

By 2019, Allianz had taken over Liverpool Victoria general insurance and at that stage de-registered its mutual status as a friendly society. By summer 2020, LV= 'Liverpool Victoria Life Insurance' were now assessing putting themselves up for sale.

Fellow mutual insurer Royal London was a highly initially interested suitor & registering their FCA interest. This was prompting a potential new 'London Victoria' or Royal Victoria mutual brand for the 2020's ?

LV= Life then agreed instead that Bain Capital could potentially buy the company. However, the LV= Life Bain takeover saga failed, the Royal London offer was also rejected, so the situation is currently ongoing.

life insurance lv=
LV Liverpool Victoria Life Insurance Reviews 2024

Life Insurance LV = Product 2024

In this 'LV Life Insurance review' below, we look at some broker only LV= plans, key features & FAQ.

Life Insurance with LV Member Benefits

All LV= protection products give access to various LV member benefits ...

Liverpool Victroia LV= Insurance Doctors Services


*What's MSE Martin Lewis Liverpool Victoria Insurance Review?

Martin Lewis recommend LV= Liverpool Victoria Insurance?

In terms of the range of LV= Liverpool Victoria Insurance products, MoneySavingExpert (MSE) are fully impartial in all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.

Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.

What does Martin Lewis say on Liverpool Victoria Life Insurance?

Money Saving Expert Martin Lewis has often used some Liverpool Victoria LV surveys in their range of news and articles to help them stack up.

For example, MSE wrote a few years ago about local councils taking £21 million in car clamping fees. Private clamping firms took £58 million, statistics from insurance company *Liverpool Victoria (LV) showed.

LV= said 17% of drivers thought they were clamped, even though they were parked legally. 59% said there was little or no warnings displayed to indicate they were parking in a private space.

Martin Lewis hasn't specifically commented on any other particular Liverpool Victoria Life Insurance policies & how it stacks up against the competition. But LV life insurance plans are a discussed MSE forum topic.

The MoneySavingExpert however says that he does '100% recommend Life Insurance', especially if you have any dependants. MSE says YES it's a cheap financial lifeline but the ultimate monthly costs choice is always yours.

MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'. 

So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.

He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.

Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.

To help you calculate a figure that works for you, Martin Lewis on Life Insurance says it's worth ensuring any policy covers:

  • Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
  • Immediate Outgoings: regular bills dependants would need to pay
  • Future Spending: you may have wished to make eg; university fees
  • Additional Expenses: a death may trigger eg; funeral costs


Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.

Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites. As brokers, we would also agree here - so let us help you shop around for your best broker deals.

Liverpool Victoria Mortgage Protection LV MORTGAGE PROTECTION Review

Designed to help cover a repayment mortgage on death or terminal illness (with optional earlier critical illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, the LV= mortgage insurance term policy is designed to help mirror that of the mortgage. It is protecting what is for the majority of us, our biggest debt & to remain in their family home, our biggest asset.

Key Features

  • Guaranteed fixed level premiums [ no cash value ]
  • Decreasing loan rate fixed
  • Optional critical illness cover
  • Terminal Illness means less than 12 months to live
  • Waiver of premium option with fixed 26 weeks deferred period
  • House purchase cover

Summary

LV mortgage life insurance decreasing is part of their Flexible Protection Plan. It is usually cheaper then LV mortgage level term insurance (which is used to insure interest only style mortgages). If you were to sadly die during its term, your family would be able to protect the mortgage to help stay in the family home.

Liverpool Victoria LV Life Insurance Reviews LV LIFE INSURANCE Review 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Also with optional earlier critical illness at extra cost. The Liverpool Victoria life insurance reviews of their level term life insurance plan is available on either on single or joint life 1’st death basis.

Key Features

  • Lump Sums or Family Income Benefits options
  • Guaranteed premiums [ no cash value ]
  • Terminal Illness means less than 12 months to live
  • Cover now upto age 90
  • Level or Increasing cover
  • Life change, conversion and separation benefits
  • Waiver of premium option with fixed 26 weeks deferred period

Summary

This LV life insurance reviews UK of their term life insurance, shows it is also part of their Flexible Protection Plan range. Designed with many useful features to help protect your family & loved ones if you were to sadly die during its term. Range of complimentary Life Insurance LV= protection trusts to help ensure the proceeds of life insurance with LV go efficiently to the correct beneficiaries.

LV- Whole-Life-Cover LV WHOLE LIFE INSURANCE Review

A whole of life policy is one that will always payout (whenever death may occur). Is available on either on single, joint life 1’st death or joint life 2’nd death basis. Ideal for people looking for indefinate life insurance with no end or fixed term.

Key features

  • Guaranteed none reviewable premiums [ no cash value ]
  • Level or indexed cover
  • Minimum sum assured £10,000
  • Waiver of premium option with flexible deferred periods
  • Life change, IHT and separation benefits

LV Over 50s Life Insurance

The LV Over 50s life insurance is a no medical style whole of life policy. LV over 50 lifecover typically has these key features.

  • Initial exclusion claim period before any natural causes death claims
  • Usually no in depth medical & lifestyle questions to qualify for no medical life insurance uk
  • Smoking or vaper status asked & affects life insurance for over 50 smoker
  • Accidental death claims only for initial exclusion period on Liverpool Victoria over 50 life insurance
  • Refund of premiums only if you die of natural causes during this exclusion period
  • Funeral funding benefit on Liverpool Victoria over 50s life insurance
  • Insurers may stop taking premiums from age 90 but maintain your LV over 50 no medical life insurance
  • This LV Over 50 life insurance is whole of life meaning it's indefinate cover

Although also whole of life assurance, Liverpool Victoria over 50s life insurance is a no medical whole lifecover plan & so are often useful only if you have serious health issues.

However, if you are generally fit & healthy then why wait for a year or so period before getting fully onto cover ie; underwritten medical application for whole of lifecover may offer more immediate coverage.

Although sometimes advertised as a low cost life insurance for over 50s, you could possibly also pay in more than the premiums paid. As such, the BBC on the LV over 50's life cover commented on this & Martin Lewis is also not a big fan of no medical Over 50’s Life Insurance plans.

Summary

The LV whole of life insurance plan is a flexible solution to help provide a legacy gift for the family or help toward funeral costs. Alternatively, ideal for those wishing to potentially mitigate IHT inheritance tax liabilities. Range of complimentary LV= whole of life protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

LV Critical Illness Cover - Broker deals LV CRITICAL ILLNESS List Review 

Helps ease financial worries if you or one of your children are diagnosed with various listed critical illness, as specified by LV= Critical Illness list of definitions. This critical illness term plan is paid tax free and available on either on single or joint life 1’st claim basis.

Key features

  • Level, decreasing, increasing, family income cover (all available optional lifecover and critical illness.)
  • Guaranteed or reviewable premiums [ no cash value ]
  • Waiver of premium option with fixed 26 weeks deferred period
  • Total permanent disability
  • Junior option allows children to take on their own plan
  • Additional critical illness benefit covers further payment conditions, enhanced payments, cost of cancer diagnosis
  • Life change and separation benefits

Summary

LV critical illness cover offering is part of their Flexible Protection Plan. Although 'LV critical illness' is highly competitive in the UK critical illness market but re the policy holder or child benefit its often priced mid market.

Like most UK Insurers LV critical illness definitions & conditions often change regularly. So please call us for latest advice or check these updates out when doing your lv critical illness comparison quotes.

LV Income Protection Insurance Quote LV INCOME PROTECTION Review  

Providing longer term security by way of a tax free monthly income if you are off longer term sick or have an accident or disability as specified by LV= Income Protection Insurance. Available as a short or longer term policy with either age costed reviewable (Personal Sick Pay) or non reviewable plans. It pays out if you can’t work and so suffer a loss of earnings due to illness or injury during the policy term. Calculate your income shortfall.

Key Features

  • Level or increasing cover
  • Risk class assessed based on occupation
  • Cheaper Age costed reviewable or fixed guaranteed premiums [ no cash in value ]
  • The cover amount paid tax free calculated on % of annual salary
  • Full cover to term or budget 1/2 year limited payment term
  • Initial multiple waiting, deferred periods of 1,4, 8, 13, 26, 52 weeks or dual deferred
  • Waiver of premium to tie in with income benefit
  • Death benefit
  • Parent & child cover
  • £1,000pm benefit guarantee
  • Guarantee arrangement specially for Frontline staff like NHS doctors, surgeons, nurses, dentists

Summary

LV= Income Protection offers numerous flexible priced plans, budget or comprehensive, when reviewed against some other Income Protection PHI Insurers. Check their terms when doing a quote or call us as to wether PHI policy being offered to you is paid under own occupation, any occupation or specified work tasks.

LV Gift Intervivos GIFT INTER VIVOS - LV LIFE INSURANCE Review

This Gift Inter Vivos LV plan is a special form of life insurance where the amount paid on a claim reduces over a 7 year term. The policy is designed to help cover a possible inheritance tax (IHT) gift liability rules 7 years, following a Potentially Exempt Transfer (PET) gift being made.

Key features

  • Pays out if the policy holder dies during the term (but not diagnosed with a terminal illness)
  • Single life cover only basis
  • Fixed level premium
  • Choice of paying premiums monthly, every 3 months, yearly or as a single payment
  • Contours the current IHT tax 7 year guidelines

*  We do not advise on Inheritance Tax (IHT) Gifts Policies. We only recommend the provider as per needs of specified IHT cover or LV life insurance free gift inter vivos cover as advised by an IHT adviser.

Summary

This LV= gift inter vivos life insurance review offering, is one of only a few insurers dealing with specialist 7 year IHT gift inter vivos lifecover. The flexible payment options are a valuable benefit.

LV Business Life - Protection BUSINESS PROTECTION - LV LIFE INSURANCE Reviews

Offering company protection for a variety of reasons ( with optional earlier critical illness at extra cost ). Key person cover, loan or share protection or an employee dies, is diagnosed with a critical or terminal illness during the term. Calculate your business risk.

Key Features

  • Lump sum cover, relevant life or business loan cover options
  • LV= relevant lifecover has tax benefits
  • Guaranteed premiums [ no cash value ]
  • Lump sum level, Decreasing or Increasing cover with installment option
  • Waiver of premium option with fixed deferred period
  • Conversion or renewal options


Relevant Life Insurance LV Review

The 'Relevant Life Insurance LV' offers allows employers to provide their employees an effective death-in-service benefit by paying out a tax-free lump sum on death or diagnosis of a terminal illness.

Designed for both small & medium-sized businesses. It is also a tax-efficient life insurance policy as the premiums currently count as a tax-deductible business expense (unlike some group schemes)* check eligibility with HRMC.

This LV relevant life insurance cover might especially benefit higher earning employees who may have exceeded their personal pension lifetime allowance. Or perhaps members of group schemes who wish to top up their benefits.

Note: Sole traders, Non-salaried Limited Company directors, Partnerships or Limited Liability Partnerships are not eligible to take out this relevant life insurance LV cover for themselves.

Summary

LV= Business Protection Insurance Review is competitive and helps insure your business life & employees against life’s challenges during its policy term. Range of complimentary LV= business protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

LV Over 50's Whole Life OVER 50 - LV LIFE INSURANCE Review

A no medical cover whole of life style policy that will always payout (with no end or fixed term) but after an initial period, and is available on single life basis only. LV= Over 50's life insurance is reviewed as a cost effective way to help provide small lump sum lifecover as legacy or funeral funding.

Key Features

  • There are no medical & lifestyle questions to qualify
  • Available ages 50-80
  • 1 year exclusion period before any natural causes death claims
  • Accidental death cover during initial 1 year waiting period
  • LV= stop taking premiums after age 90
  • Funeral funding via Dignity
  • No cash in value for Over 50 LV Insurance

Summary

This Liverpool Victoria LV= over 50 life insurance policy plan is an ideal solution for those with health lifestyle issues or unable to get underwritten whole life insurance. Often sold via 3'rd parties providers to offer their white labelled Over 50's plans sold with a free gift.

lv= liverpool victoria life insurance review

life insurance lv= LIVERPOOL VICTORIA LV INSURANCE Review - FAQ

Can you make changes to your life insurance liverpool victoria policy?

If doing a 'Liverpool Victoria Life Insurance review' & in terms of changing your LV life policy, often you can request some of the following:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up

The changes on your existing Liverpool and Victoria insurance company policy could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

How do I cancel my LV Life Insurance Policy?

You may cancel your LV= Life Insurance plan at any time, if your circumstances change. Like all life insurance, you do have the right to change your mind within 30 days of your policy starting. The Insurers will then refund any premiums taken and your Liverpool Victoria Life insurance cover would then end. 

However, if you should cancel the policy at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your LV= life insurance policy is put back onto cover again, this maybe declined. 

We suggest you seek professional advice if considering Liverpool Victoria opinie & before taking this course of action.

Single v LV Joint life Insurance?

A single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life. The benefit of having 2 seperate plans ( also known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy. 

Liverpool Victoria LV= 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death or claim' basis. This means once the chosen amount of your LV joint life insurance cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays benefits once ) but conversely leaving the surviving partner without any cover.

Death Claims, LV= Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

How long do LV take to pay out?

LV= state that naturally the length of time any life Insurance claim can take, depends on their requirements. For example, they may need to gather medical evidence or request probate to verify the claim on your LV life cover. 

The LV= Insurance team are experienced in these matters so will be able to provide you with realistic timescales if you have to make a claim.

However, they advise that once they have everything they need and agree to settle and pay a claim.... it only then takes around 3-5 working days for the funds to clear.

LV Life Insurance Review | Should I put my policy into Trust?

When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the death insurance benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the LV life cover monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Importance of Disclosure & Claims - LV= Liverpool & Victoria

All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original LV= policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.

The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of raised blood pressure or cholesterol (even if it costs more). If so, it may not payout !

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details.

They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at the LV Liverpool Victoria review of recent claims payout, you will see that it is Good (but like most Insurers - not 100%).

What if my health or lifestyle changes after I have taken the LV= policy out?

Any health or lifestyle changes since, usually does not void your existing LV life cover policy, if it wasn't relevant at that time of initial underwritten insurance LV application. It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.

So take care to doubly re-check on your lv insurance life insurance application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C's.

If I start smoking after taking out Life Insurance Liverpool Victoria do I tell them?

If you had legitimately quit smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again. This should not affect the liverpool victoria review of original policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.

Article on 'Liverpool Victoria Life Insurance' + 'LV Life Insurance Reviews' by Martyn Spencer Financial Adviser 2024
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