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. Although LV is often recognised for its car insurance, it also offers Life Insurance and other protection policies.

Founded in 1843, LV began selling Life Insurance at the cost of one penny per month. Now, 175 years on, it offers a range of protection policies and has acquired more than 1.28 million customers.

Liverpool Victoria’s Life Insurance Policy Overview

Key Facts
  • Unlimited Maximum Benefit
    A comprehensive Life Insurance policy offering an unlimited maximum benefit
  • Additional Critical Illness Cover
    Opt for Critical Illness Cover for an additional premium, which pays out for 49 conditions in full as standard
  • Cost of Cancer Benefit
    Critical Illness Insurance includes a Cost of Cancer Diagnosis Benefit, a £1,000 payment on top of your benefit if you develop cancer
  • Remote GP Services
    LV Life Insurance comes with valuable, free benefits included, such as access to remote GP services
  • Comprehensive Free Additional Benefits
    As well as a remote GP service, LV= also offer other additional benefits such as second medical opinion, remote physiotherapy, mental health support and discounted health MOT’s.

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By reaching this page you are eligible for 2 months FREE cover when you arrange a new Life Insurance policy.

Simply fill in the form below to apply your 2 months free discount or call us on 02084327333 stating the code VC2MF.

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What Does LV Life Insurance Cover?

LV’s Life Insurance doesn’t only pay out if you pass away in the policy term. It comes with many added features and benefits that make it stand out against its competitors.

For an extra premium, you can also take out Critical Illness Cover.

Liverpool Victoria Life Insurance Coverage

Maximum Benefit


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

Maximum Benefit


Conditions Covered

  • 49 in full as standard
  • Plus the lower of £30,000 or 50% of your benefit for a further 20 conditions, as well as many less advanced cancers.

Enhanced Payments

Included free with Critical Illness Cover. This increases your payout for 17 of the 49 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?

✅ Included 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. Type 1 diabetes and total permanent disability are excluded under children’s cover
  • £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. This is only possible if they use this option 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.
Samantha Haffenden-Angear, Independent Protection Expert at Drewberry

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

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

Samantha Haffenden-Angear
Independent Protection Expert

Liverpool Victoria Life Insurance Key Policy Factors

To help give you an overview of Liverpool Victoria’s Life Insurance cover we’ve outlined some of its key policy factors below.

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

LV’s term for guaranteed insurability is Guaranteed Increase Options. These let you increase your cover without further underwriting. You can increase your cover up to a maximum of 50% of your original benefit. If you’re under the age of 54, you can use these options in the following circumstances:

  • Marriage or Civil Partnership
  • Divorce or Dissolution of a Civil Partnership
  • Childbirth or Legal Adoption of a Child.

If your mortgage goes up, you can also increase your benefit by the lower of the increase in your mortgage, or 50% of your benefit.

Similarly, LV lets you increase your benefit if your rent goes up. This could be due to moving into a more expensive rental property, or your rent increasing. 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 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.

rauri taylor, independent protection expert at drewberry

Guaranteed Increase Options offer a lot of flexibility for people in response to significant life events.

This gives our clients peace of mind that their cover can be changed to suit important or unavoidable life changes.

Rauri Taylor
Independent Protection Expert

Split A Joint Policy

Couples who divorce, separate, or dissolve their civil partnership can split their joint policy. Doing so leaves each partner with their own individual policy to replace the joint cover.

You must notify LV within 6 months of the divorce, separation, or dissolution. 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

LV gives you the option of doubling a critical illness claim up to a maximum of an additional £200,000. This applies to 17 illnesses and injuries out of the 48 conditions LV covers. The enhanced cover boosts your payout for conditions that LV believes will have a significant financial impact on your life.

This option is subject to certain conditions, but few other insurers enhance your Critical Illness cover in this way.

LV will also pay out £1,000 extra on diagnosis of cancer. This is on top of to paying out a claim if you develop a type of cancer as defined in the policy conditions.

Indexed Cover Available

To prevent inflation from eroding the purchasing power of your benefit over time, LV lets you take out increasing Life Insurance. This allows you to link it to the Retail Prices Index (RPI) rate of inflation.

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, LV will increase your premiums by inflation multiplied by 1.5.

Comprehensive Free Additional Benefits Package

LV= Doctors Services is a great additional benefits package that comes free with their Life Insurance.

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

As well as offering a comprehensive policy, Liverpool Victoria also offer a range of free additional benefits with its Life Insurance.

LV= Doctors Service

The main 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, as well as a paid private prescription service
  • Second Medical Opinion
    You gain access to specialists to review a diagnosis and discuss treatment options
  • Remote Physiotherapy Services
    LV provides access for up to five sessions per year with a physiotherapist. They can 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. This includes access to counsellors and cognitive behavioural therapists
  • Discounted Health MOTs
    You also get a 25% discount on a health MOT via Square Health. This allows you 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 Life Insurance claim if your payout is held up in probate delays. The advance is paid to a funeral director to cover your funeral costs while your family are waiting to receive the full benefit.

How Does LV Compare?

To help you compare LV= against other UK providers we’ve highlighted some key points that make it stand out from it’s competitors.

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 many providers don’t limit the amount of Life Insurance you can choose, many do cap the available critical illness benefit.

Minimum Entry Age of 17

You can take out an LV Life Insurance policy from the age of 17. This is younger than the minimum age of 18 required by many other providers. As such, LV can be 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 maximum of five digital GP appointments per year.

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

Enhanced Critical Illness Payouts

If you opt for Critical Illness Cover, LV enhances your benefit at no extra cost. They’ll pay out twice your benefit (up to an extra £200,000) if you develop one of 17 conditions under certain circumstances.

For instance, LV will pay an enhanced Critical Illness claim if:

  • Before the age of 55, you develop Alzheimer’s disease or other dementia; motor neurone disease or 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
  • 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 or foot; permanent irreversible loss of speech; surgical removal of an eyeball and five other conditions.

Many other providers offer enhanced Critical Illness cover for an additional premium. However, with LV, this comes included in their standard Critical Illness insurance.

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 claim.

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


While there’s a 14 day survival period on adult claims, LV waives this for children’s claims. This means you can claim as soon as your child is diagnosed, even if they sadly don’t survive for 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, which 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.

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How Much Does Liverpool Victoria Life Insurance Cost?

Like with every kind of insurance, the amount you’ll end up paying will be subject to many risk factors. For Life Insurance, your age, occupation and medical history will all be taken into account.

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

To calculate these costs we’ve assumed that the individual looking for cover wants £250,000 of cover, and:

  • Needs a decreasing term to cover a repayment mortgage
  • Wants the policy for 25 years
  • Is in a low-risk office-based role
  • Has no pre-existing conditions
  • Is a non-smoker

Life Insurance Only

Monthly Premiums

30 Years Old

40 Years Old

50 Years Old




All quotes were generated in January 2023 and calculated as a monthly premium.

Life Insurance & Critical Illness Cover

Monthly Premiums

30 Years Old

40 Years Old

50 Years Old




All quotes were generated in January 2023 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 get in touch on 02084327333.

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

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

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