LV Life Insurance
LV= is the logo for Liverpool Victoria, which is the largest friendly society in the UK and was established in 1843. This means that they are a mutual society; instead of paying out to shareholders, members of the society receive benefits in the form of discounts off various insurance and investment products. Members also get to have a say in how the company is run by attending regional events and there is a care line to answer members’ queries regarding legal, medical or tax issues as well as other matters. Qualification for membership is through purchasing certain products, which are detailed on the LV website.
As well as investments, pensions and savings, LV offers a range of insurance plans including home, motor, travel, pet and life cover.
LV Life Cover
LV targets its life insurance products at people with a healthy lifestyle who don’t smoke much and don’t drink a lot of alcohol. LV life insurance cover is available for UK residents aged 17-69, and gives a lump sum payout on death during the term of the life insurance policy. Premiums start from £5 per month. There is no minimum amount of cover, but the maximum is for up to £500,000. This is reduced to £300,000 for people who are aged 56-65 when they apply for cover or £300,000 for those aged 66 to 69.
The life insurance premium is fixed throughout the term of the policy, and you can choose from level cover where the benefit remains the same, or decreasing cover where the payout decreases with time. Decreasing cover life insurance plans are normally taken out in conjunction with a mortgage as the reduced payout is designed to match the reduced amount owed on the mortgage as the loan is gradually repaid.
With LV you can top up your sums insured by taking out one or more additional life insurance plans. Joint cover is available as well as cover for individuals. An interesting feature with LV life insurance cover is that policy holders can ask for their benefit to be paid out early if they have the misfortune to be diagnosed with a terminal illness.
LV Life Insurance with Critical Illness
The qualifying age for LV life and critical illness cover is 17-59. Again it offers a lump sum payout and single or joint life cover. Premiums can be fixed for the term of the policy or reviewable. Policy holders can also opt for a waiver of premium, which means that you don’t have to pay premiums whilst you are off work due to sickness or injury. You can choose how much cover you want and cover can be level or decreasing. It is important to note that the types of critical illnesses that are covered by this type of plan are detailed in the policy documents, and LV will not pay out for any illnesses other than those specified.
Over 50 Life Insurance
LV has a policy specifically tailored for the 50 plus life insurance market. It has a maximum payout of £25,000, which is dependent on the age and sex of the applicant. This over 50 life insurance plan is designed to help with funeral expenses and any unpaid bills that may remain after the policy holder is deceased. Acceptance is guaranteed for UK residents aged 50-80 without the need to have a medical examination. The plan costs from £5 a month and the premium is fixed throughout the term of the policy.
There is a funeral benefit option that allows the applicant to get a further 10% worth of life cover under the policy. Another good thing about this life insurance plan is that the cover is free once the policy holder reaches the age of 90.
If you would like to receive a life insurance quote online from LV or one of our other life insurance providers, please fill in the online form and we will be pleased to get back to you.