liverpool victoria

Liverpool Victoria Life Insurance

Flexible Protection Plan



Company Type

Friendly Society

Company Overview

Liverpool Victoria has traded as LV= since May 2007. It is one of the largest insurers in the UK with more than 5 million customers countrywide. As well as Life Insurance, it offers Income Protection and a range of general insurance products, from pet insurance to travel cover.

LV has no shareholders and is entirely owned by its members. From its headquarters in Bournemouth, the company employs around 6,000 people and offers financial services both directly and through IFAs and insurance brokers.

As well as its head office in Bournemouth, LV has locations in Croydon, the City of London, Bristol, Leeds, Ipswich and Exeter.


LV Life Insurance - Key Facts

Liverpool Victoria Life Insurance - Policy Terms

Liverpool Victoria Life Insurance Overview

Liverpool Victoria is one of the UK’s best-known insurers, offering a range of protection solutions.

  • As a mutual, Liverpool Victoria don’t have to answer to external shareholders – so they can concentrate on looking after you.
  • Liverpool Victoria publish their claims statistics annually, paying at least 97% of claims in each of the three years to 2016.
  • Critical Illness Cover is available which would protect you fully against 44 critical illnesses, plus partial payouts for a further 20 conditions.
  • 16 critical illnesses also attract an enhanced payout of either 150% or 200% of the original sum assured.
  • LV only offers Life Insurance premiums on a guaranteed premiums basis, which means they won’t ever change unless you opt to increase your cover or you’ve indexed your benefit so it maintains pace with inflation.

Enjoy 2 Months FREE Cover

By reaching this page you are eligible for two months FREE cover when you set-up your new Health Insurance policy.

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

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LV Policy Conditions

Overview of Key Policy Details


Life Insurance


Level / Decreasing

Policy coverage

Single / Joint life first death / life of another / joint life of another


Full medical underwriting

Terminal Illness Cover


Optional Critical Illness Cover


Critical Illnesses Covered

Plus an additional 20 eligible for partial payouts

Children’s Critical Illness Cover

Included automatically with Critical Illness Cover
Covers 62 conditions up to the age of 21, including congenital illnesses. Full payout is the lower of £25,000 or 50% of the sum assured.



Waiver of Premium


Maximum Cover

No maximum

Minimum Entry Age


 Maximum Entry Age

  • Level or decreasing cover: 79
  • Inflation-linked cover: 59

Guaranteed insurability option

Yes, on marriage, birth of a child, divorce, new/increased mortgage or salary increase

Policy Exclusions

Suicide within the first 12 months of the policy

Drewberry’s Liverpool Victoria Life Insurance Review

LV’s premium is guaranteed, which means it won’t ever change unless you opt to increase your benefit or you’ve chosen index-linked cover.

Key Comparison Points

  • LV has no minimum or maximum amount of cover you can apply for, only a minimum premium. This is currently £5 per month.
  • You cannot take out a policy that lasts more than 45 years; there are insurers which will allow you to take out a policy with a term of 50 years or longer.
  • As LV is a friendly society, it has no external shareholders and is run entirely for the benefit of its members and policyholders.
  • With Children’s Critical Illness Cover, if the claim is as a result of an accident the benefit is enhanced to £50,000 from £25,000.

Additional Benefits

  • LV Health & Wellbeing Line – a phone line offering 24/7 support to members and their families giving access to nurses, counsellors and lawyers.
  • LV Doctors Service – access a remote GP service which provides private prescriptions and get a second medical opinion if you’re diagnosed as seriously ill.
  • Overseas Cover – LV do not have a limit on the amount of time a policyholder can spend overseas and will not cancel your cover no matter how long you reside outside the UK. However, if you’re diagnosed as terminally ill, you must be so diagnosed in one of the countries specified in the policy before a claim will be accepted.

LV Life Insurance: FAQs

michael barrow, independent protection expert at Drewberry

We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.

Below, we have answered a few frequently asked questions given to us by our customers about your LV Life Insurance policy. If you need any further help, please do not hesitate to call us on 01273646484.

Michael Barrow
Independent Protection Expert at Drewberry

Q. What is the LV Flexible Protection Plan?

A. LV’s Flexible Protection Plan allows you to include other Liverpool Victoria protection products with your Life Insurance in one plan. This includes Critical Illness Cover, combined Life and Critical Illness Cover, Income Protection and Budget Income Protection and Personal Sick Pay.

Q. Will I have to pay inheritance tax on my Life Insurance payout?

A. This depends on how you set up your policy and the value of the benefit. A single individual has a nil-rate band of £325,000, which is the figure they can leave loved ones without being subject to inheritance tax. If your benefit is more than this and is not offset by a liability such as a mortgage, you may have to pay inheritance tax on the payout.

To get around this issue and to speed up the payment, avoiding probate, you have the opportunity to write your Life Insurance into trust. This is something your adviser can help facilitate with just a few forms.

Need Expert Life Insurance Advice?

As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?

Why Speak to Us…

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2943 and growing independent client reviews rating us at 4.92 / 5.
  • Gain the protection of regulated advice
    You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
  • Claims support when you need it the most
    You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
samatha haffenden-angear, independent protection expert at drewberry

If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.Pop us a call on 02084327333 or email

Samantha Haffenden-Angear
Independent Protection Expert at Drewberry

I had a great experience with Drewberry, they have a lot of knowledge and expertise with life insurance and income protection and were able to advise me and arrange suitable products. Highly recommend.

Lachlan Mellings
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