liverpool victoria

Liverpool Victoria Life Insurance [REVIEW]


Who Are Liverpool Victoria (LV)?

Liverpool Victoria (LV) is one of the UK’s biggest financial services providers, including in Life Insurance and other protection policies.

Founded in 1843, LV began life as ‘The Liverpool Independent Legal Victoria Burial Society’. Back then, it sold Life Insurance at the cost of a penny per month.

Now, 175 years on, it offers a range of protection policies and has acquired more than 1.28 million customers.

On January 2nd 2020 LV moved away from friendly society status and became registered with Companies House as a company limited by guarantee.

Oliver Wigdor, Independent Protection Expert at Drewberry

Liverpool Victoria includes several free additional benefits, for example LV= Doctor Services.

This includes access to 24 / 7 digital GP appointments which our clients really value.

Oliver Wigdor
Independent Protection Expert at Drewberry

Liverpool Victoria Life Insurance

Policy Overview

  • A comprehensive Life Insurance policy offering an unlimited maximum benefit.
  • LV Life Insurance comes with a number of free additional benefits, including access to remote GP services via LV= Doctors.
  • Opt for Critical Illness Cover for an additional premium, which pays out for 48 conditions in full as standard.
  • Critical Illness Insurance includes a Cost of Cancer Diagnosis Benefit, a £1,000 payment on top of your benefit if you develop cancer.


LV Life Insurance - Key Facts

Liverpool Victoria Life Insurance - Policy Terms

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What Does LV Life Insurance Cover?

Liverpool Victoria Life Insurance Coverage

Maximum Benefit

Unlimited for both Life Insurance and Life and Critical Illness Cover

Type of Cover

Minimum Entry Age


Maximum Entry Age

  • Level / Decreasing Insurance: 84
  • Increasing Life Insurance: 79
  • Level / Decreasing Life and Critical Illness Cover: 64
  • Increasing Life and Critical Illness Cover: 59

Terminal Illness Cover?

Joint Cover?

Joint life first death only

Premium Type

  • Guaranteed
  • Annually escalating (for increasing cover)

Waiver of Premium


Optional Critical Illness Cover

Conditions Covered

  • 48 in full as standard
  • Plus the lower of £30,000 or 50% of your benefit for a further 18 conditions, as well as many less advanced cancers

Enhanced Payments

Included free with Critical Illness Cover, this enhances your payout for 17 of the above 48 conditions that LV deems will have a major financial impact on your life.

It pays double your benefit (up to £200,000) if you:

  • Suffer an accident which directly leads to 1 of 10 conditions
  • Develop 1 of 4 neurological conditions (e.g. Alzheimer’s / dementia or Parkinson’s disease) before age 55
  • Suffer liver failure, undergo major organ transplant or develop severe lung disease

Survival Period

14 days

Children’s Cover?

As standard, covering children from birth to age 23 without a survival period. It pays:

  • £25,000 or 50% of your benefit, whichever is lower, if your child develops a condition the policy covers, except type 1 diabetes and total permanent disability
  • £50,000 or 100% of your benefit, whichever is lower, if your child develops 1 of 10 full payment conditions after an accident
  • £50,000 or 100% of your benefit, whichever is lowerif your child suffers liver failure, has a major organ transplant or develops severe lung disease
  • £5,000 towards a funeral if your child dies before age 23 during the policy term
  • A £1,000 cost of cancer diagnosis benefit if your child develops one of the cancers the policy covers.

Enhanced Child Cover

An optional add-on for an extra premium (💷), this pays:

  • The lower of £35,000 or 50% of your benefit if your child develops one of 10 conditions, including type 1 diabetes
  • £5,000 if you develop one of six pregnancy complications
  • A £5,000 child funeral benefit if your child is stillborn after 24 weeks gestation

Conversion of a Child Policy

Your child can convert their cover into an adult policy without medical underwriting if they do it within 6 months of their 23rd birthday.

The maximum cover available if they convert the cover is the lower of £25,000 or 50% of your benefit.

We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.

Key Policy Factors

Unlimited Maximum Benefit

LV Life Insurance doesn’t have a maximum benefit for either Life Insurance or Critical Illness Cover. That means you can choose as much cover as you require.

Guaranteed Increase Options / Guaranteed Insurability

LV’s term for guaranteed insurability is guaranteed increase options. These let you increase your benefit by up to 50% of your original benefit without providing further medical evidence if you’re aged under 54 in the following circumstances:

  • On marriage / civil partnership
  • Divorce / dissolution of a civil partnership
  • Childbirth / adoption of a child.

You can also increase your benefit if your mortgage goes up by the lower of the increase in your mortgage balance or 50% of your benefit.

Similarly, LV lets you increase your benefit if your rent goes up. You can increase your benefit by the lower of the increase in your rent multiplied by the months remaining on your policy or 50% of your benefit if you move into a more expensive rental property or your landlord puts up your rent.

If your employer increases your basic salary by at least 10%, you can increase your benefit by the lower of five times the increase or 50% of your benefit.

Split a Joint Policy

If you have Joint Life Insurance with your partner and get a divorce or dissolve your civil partnership, you can separate a joint policy into two separate policies, one for each partner.

You must notify LV within 6 months of the divorce / dissolution and the maximum benefit must be no more than the original maximum benefit of the joint policy.

Child Critical Illness Cover Free With Adult Cover

When you pay to add Critical Illness Insurance to your policy, LV includes child cover free as standard.

Enhanced Critical Illness Payments

Get double your payout, up to a maximum of an additional £200,000, if you develop any one of 17 illnesses / injuries out of the 48 LV covers that LV believes will have a significant financial impact on your life.

This is subject to certain conditions, but few other insurers enhance your payout in this way.

Cost of Cancer Diagnosis

In addition to paying out if you develop a type of cancer the policy covers at the severity required, LV will also pay out £1,000 extra on diagnosis of cancer.

Indexed Cover Available

To prevent inflation eroding the purchasing power of your benefit over time, LV lets you link it to Retail Prices Index (RPI) inflation with Increasing Life Insurance.

Each year, your benefit will go up in line with the cost of living, as measured by the RPI.

To compensate for this increased benefit, Liverpool Victoria will increase your premiums by inflation multiplied by 1.5.

Comprehensive Free Additional Benefits Package

LV= Doctors Services is a great additional benefits package to come free with Life Insurance.

For example, few providers include services such as physiotherapy or mental health support with life cover. These tend to be more common with Income Protection.

Additional Benefits

LV= Doctors Service

The main additional benefits that come free with Liverpool Victoria Life Insurance come under the LV= Doctor Services package. This offers access to the following benefits, either over the phone or via an app:

  • Digital GP
    Get up to five 24 / 7 remote GP appointments per year, including access to a paid private prescription service
  • Second medical opinion service
    Access to specialists to review an existing diagnosis and discuss your treatment options
  • Remote physiotherapy services
    Up to five sessions per year with a physiotherapist to diagnose musculoskeletal aches and pains and support your recovery
  • Remote mental health support
    Up to five sessions of mental health support and treatment per year, including access to counsellors and cognitive behavioural therapists
  • Discounted health MOTs
    Get a 25% discount on a health MOT via Square Health to look at 20, 35 or 50 health markers depending on the option you choose.

Advance Funeral Payment

LV will advance up to £10,000 of your payout to a funeral director to cover your funeral costs if probate causes delays in your family receiving your benefit.

How Does LV Compare?

Unlimited Benefit With LV Life Insurance and Critical Illness Cover

LV places no limit on the amount of Life Insurance or Critical Illness Cover you can have. While there are many providers which don’t cap the amount of Life Insurance you can choose, most other insurers do limit the available critical illness benefit.

Minimum Entry Age of 17

You can take out an LV Life Insurance policy from the age of 17, younger than the minimum age of 18 required by many other providers.

This therefore makes Liverpool Victoria Life Insurance a good option for younger people seeking cover.

Great Additional Benefits With LV= Doctors

LV= Doctors offers a great set of additional benefits. However, there are some limits on them, such as a cap of five digital GP appointments per year.

Still, LV= Doctors includes access to physiotherapy and mental health support for free. That makes Liverpool Victoria Life Insurance one of the few policies available with such additional benefits.

Enhanced Critical Illness Payouts

If you opt for Critical Illness Cover, LV enhances your benefit at no extra cost if you develop one of 17 conditions it covers under certain circumstances.

For instance, LV will pay twice your benefit, up to a maximum additional payout of £200,000, if:

  • Before age of 55, you develop Alzheimer’s disease / other dementia; motor neurone disease / specified diseases of the motor neurons; Parkinson’s disease; or Parkinson-plus syndromes and suffer permanent symptoms
  • You suffer liver failure, develop severe lung disease or require a major organ transplant from another donor
  • You develop one of 10 conditions as a direct result of an accident, for example permanent irreversible blindness; permanent irreversible deafness; loss of a hand / foot; permanent irreversible loss of speech; surgical removal of an eyeball and five other conditions.

14 Day Survival Period

With Critical Illness Insurance, every insurer has a survival period. This is the length of time you must survive after your diagnosis for the insurer to pay your Critical Illness Insurance claim.

With Liverpool Victoria, this survival period is 14 days. There are insurers which allow you to claim providing you survive 10 days.

No Survival Period on Child Critical Illness Claims

However, while there’s a 14 day survival period on adult claims, LV waives this for children’s claims. That means you can claim as soon as your child develops a critical condition, even if they sadly don’t survive 14 days afterwards.

No Online Trusts

When you set up cover, you may find you need to write your Life Insurance into trust to protect the benefit from inheritance tax.

If so, most Life Insurance providers offer some form of online digital trust process that your adviser can assist with. However, LV doesn’t offer this. You’ll therefore have to fill in paper forms and get wet signatures from the trustees, which can take extra time.

How Much Does Liverpool Victoria Life Insurance Cost?

To help give you an idea of how much you might pay for a Liverpool Victoria Life Insurance policy, we’ve provided example monthly costs based on varying ages, with and without Critical Illness cover below.

To calculate these costs we have assumed that the individual looking for cover wants £250,000 Life and Critical Illness cover:

  • Needs a decreasing term
  • Is in a low risk office based role
  • Has no pre-existing conditions
  • Is a non-smoker

30 Years Old

40 Years Old

50 Years Old

Life Cover Only




Life & Critical Illness Cover




All quotes were generated in June 2021 and calculated as a monthly premium.

Get Liverpool Victoria Life Insurance Quotes & Expert Advice

Whether getting your first mortgage or having a child taking out Life Insurance often aligns with some quite stressful life events.

To make the Life Insurance journey a little easier we have a team of independent experts on hand so please don’t hesitate to pop us a call on 02084327333.

If you want to do more research yourself you can read our comprehensive guide reviewing the top UK Life Insurance policies. If you already know exactly what you need you can compare prices in seconds using our handy life insurance quote tool 😊 →

Why Speak to Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to issues as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

For help and fee-free Life Insurance advice, please don’t hesitate to get in touch. Pop us a call on 02084327333 or email help@drewberry.co.uk.

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Contact Us

Head Office & Pensions and Investments
Senator House
85 Queen Victoria Street
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
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If you are unhappy with our service, we have a complaints procedure, details of which are available upon request. If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk.

Drewberry Ltd is registered in England and Wales. Companies House No. 06675912

Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. Telephone 0208 432 7333

Drewberry Ltd (Financial Conduct Authority No. 505473) is an Appointed Representative of Quilter Wealth Limited and Quilter Mortgage Planning

Limited, which are authorised and regulated by the Financial Conduct Authority.

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