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.
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.
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Liverpool Victoria Life Insurance Coverage
Unlimited for both Life Insurance and Life and Critical Illness Cover
Type of Cover
Minimum Entry Age
Maximum Entry Age
Terminal Illness Cover?
Joint life first death only
Waiver of Premium
Optional Critical Illness Cover
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:
As standard, covering children from birth to age 23 without a survival period. It pays:
Enhanced Child Cover
An optional add-on for an extra premium (💷), this pays:
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.
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.
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:
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.
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.
When you pay to add Critical Illness Insurance to your policy, LV includes child cover free as standard.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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:
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.
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.
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.
As you can see, when you compare Life Insurance providers and policies there are many points to consider. With so many factors and lots of different terminology at play, it can be tricky to do an accurate like-for-like comparison between providers.
We have a team of expert regulated advisers that are on hand to help you find the best life insurance for your circumstances.
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 firstname.lastname@example.org.
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