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.
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.
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
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 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:
✅ Included 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. 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.
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.
Independent Protection Expert
To help give you an overview of Liverpool Victoria’s Life Insurance cover we’ve outlined some of its key policy factors below.
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 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:
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.
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.
Independent Protection Expert
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.
When you pay to add Critical Illness Insurance to your policy, LV includes child cover free as standard.
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.
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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.
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.
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.
As well as offering a comprehensive policy, Liverpool Victoria also offer a range of free additional benefits with its Life Insurance.
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:
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.
To help you compare LV= against other UK providers we’ve highlighted some key points that make it stand out from it’s competitors.
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.
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.
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.
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:
Many other providers offer enhanced Critical Illness cover for an additional premium. However, with LV, this comes included in their standard Critical Illness insurance.
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.
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.
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:
30 Years Old
40 Years Old
50 Years Old
30 Years Old
40 Years Old
50 Years Old
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.
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