Is LV The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of LV life insurance. You might already know that LV has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is LV the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

LV life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with LV. 

5 Safe overall rating for LV

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

High rating of 4.7/5 on TrustPilot
Average 3 star rating on Defaqto
Easy access to policy documents
LV= won the 2019 Moneywise Customer Service Award for the Most Trusted Life Insurance Provider
Comprehensive and well detailed FAQs
No live chat or chat bot option

Coverage options

Increasing, Decreasing and Level Term covers are provided
Income Protection Cover is provided
Cover for children is provided
Terminal illness cover is included at no extra cost
The Critical illness cover offered provides cover for up to 63 critical medical conditions
Whole life cover is not provided
The age limit specified for insurance covers are lower compared to that of other life insurance companies.

Value for money

Cover starts from £5 a month
Access is given to other valuable services like LV= Doctor Services
If the LV= term life insurance with critical illness cover is selected, up to £25,000 of children’s critical illness cover will be included in the monthly premium
If as a policyholder, you stop paying your premiums, you won’t get any money back and your cover may stop.

Financial strength

LV= says that it paid 99% of life insurance claims in 2019.

Apps and technologies

Support Services like LV= Doctor Service which gives access to a medical practitioner for a wide variety of medical help is available
Quotes can be conveniently taken out online
Website is user friendly and can be easily navigated
No live chat option

Safe rating for LV Life insurance

Expert and customer satisfaction reviews for LV

Review organisationConsumer satisfaction rates for LV Life insurance
Trustpilot4.7/5 based on 218 reviews
Defaqto3
Experts rating for LV

LV insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with LV. 

CriteriaLV details
Minimum age17 years
Maximum age 79 years
Pay-outNot stated
Life insurance with free giftsNot stated
Extras

25% discount on Health MOT services

Terminal illnessYes
LV life insurance in a nutshell

What are LV life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is LV term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaLV life insurance
Minimum term5 years
Maximum term45 years
Pay-outNot stated
Minimum monthly premium£5
Extras or any interesting facts 

Remote GP Services

LV term life insurance

Should you take level or decreasing term life insurance?

LV offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
LV term life insurance (level)
  • The term life insurance can range for a period of 5 – 45 years
  • The cover is available for policyholders between the ages of 17 and 79
  • The premiums remain the same throughout the duration of the policy
  • The level term cover pays out a lump sum in the case that the policyholder dies during the policy term. This sum is given to the family members
  • Income Protection option is provided.
LV decreasing term life insurance, also known as life insurance for mortgage
  • The Decreasing Cover provided by LV= is designed to cover the reducing amount owed on a capital and interest repayment mortgage
  • The amount of cover provided will reduce every month, but the premium paid will remain the same.
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

LV= life insurance provides Inflation-linked cover or Increasing cover and it offers the following:

  • An increase in the amount of cover provided every month
  • An increase in the premium in line with inflation multiplied by 1.5.

Can you take out LV life insurance plan with someone else?

Yes, you can either have a single or a joint policy at LV.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are LV life insurance extras? 

You can add these extras at additional cost to your LV life insurance: 

Details Reviews
Remote GP Services

With this service that LV provides, the policyholder can make up to five consultations either over the phone or via video conference with doctors.

Second Opinion Service

The LV= Doctor Services can be used to get across to medical experts for second opinions regarding an illness or treatment option.

25% discount on Health MOT services

This service is provided by Square Health service with a 25% discount for LV= policyholders. It can be used for an assessment of health status and to provide detailed guidance of preventative measures.

Terminal illness

Cover is provided at no extra cost in the case that a policyholder is diagnosed with an illness that has advanced or has progressed to the extent that it can no longer be cured and the illness is expected to lead to the policyholder’s death within a 12 months duration.

Private Prescription Service

This service allows the policyholder to get a prescription medication without having to wait to see his/her GP.

LV life insurance extras

Should you take out LV life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is LV the best critical illness cover? 

Here are the main features when you take out LV life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that LV provides offers the following:

  • Cover worth £200,000
  • Terminal illness cover
  • Cover for children
  • Cover for up to 63 critical conditions;
Children’s Cover
  • The children cover provided by LV= is valid from when the child is born till when the child is 23 years old.
  • This cover provides up to £25,000 of children’s critical illness cover
  • Double cover worth up to £50,000 is provided in the case that a child’s claim is made as a direct result of an accident
  • A sum of £5,000 is given to cater for funeral costs in the case that the child dies as a result of a critical illness.
What should you know about LV critical illness cover?

LV= paid out 99% of claims in 2019

LV life insurance

How much is LV life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact LV life insurance?

Here are all the important phone numbers for contacting LV life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at LV0800 678 1906Mon to Thurs 8am – 8pm
Fri 8am – 6pm
How to claim at LV0800 756 5869
0800 550 050
Monday to Friday 8.30am – 6.30 pm
How to cancel at LV

0800 678 1906

Monday to Friday 8.30am – 6.30 pm
LV phone numbers

What are LV general contact details? 

You will find in this table all the general contacts that you would need if you want to reach LV life insurance: 

General contacts
Mailing address

Liverpool Victoria Insurance
County Gates
Bournemouth
BH1 2NF
UK

Social media 

Facebook, Twitter, YouTube

Chatbot

No

LV general contacts

How to claim at LV life insurance? 

You will find on this table the different possibilities for reporting a claim on your LV life insurance: 

How to claim on your life insurance at LV?
When to claim?

Claims should be made as soon as possible.

Claim by mail

LV= Claims Department
Emperor House
Grenadier Road
Exeter Business Park
Exeter
EX1 3LH

Claim by email[email protected]
Claim online

Not Available

Claim by phone0800 756 5869<br>0800 550 050
Claim at LV life insurance

How to cancel my LV life insurance? 

You will find on this table the different ways to cancel your LV life insurance: 

How to cancel your life insurance at LV
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

LV=
Emperor House
Grenadier Road
Exeter Business Park
Exeter
EX1 3LH

Cancel by email

Not Available

Cancel onlineNot Available
Cancel by phone

0800 678 1906

How to cancel my LV life insurance?

How do I get LV life insurance quotes? 

Here are the different ways to get a life insurance quote at LV: 

How to get a life insurance quote at LV
Quote online
  • On the Home Page, Click on the "Get a Life insurance quote" option
Quote phone0800 678 1906
Get a quote at LV

How do I log into LV life insurance?

There is no Login option available however there is an "LV existing customer"option on the website’s homepage.

Do we recommend LV life insurance?

Liverpool Victoria (LV=) started out in 1843 as a burial society, where participants’ voluntary subscriptions were used to help pay for the funeral costs of members and their families. Now one of the UK’s biggest insurers, LV= and it is well known for its life insurance services.
LV= offers three main types of life insurance, including Level Cover term insurance and Decreasing Cover term insurance, as well as Increasing cover. Serious Illness Cover is offered as an optional extra, which covers against illnesses such as cancer, heart attack or stroke. They have high ratings on both Defaqto and TrustPilot and in 20q9. They paid out up to 99 percent of their claims, hence, their financial capabilities to pay out claims can be guaranteed. Their services are recommended.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.