.LV= dates back to 1843 and was founded as a burial society, most commonly associated with 'penny policies' - a method of saving for people of modest means - Life Insurance for a penny a month. Door to door agents would collect the penny premiums, allowing people to leave something behind and cover the cost of a decent funeral. LV= began as 'The Liverpool Independent Legal Victoria Burial Society' with the first office buildings in Liverpool. In 1930, they moved to London and in 1996 to Bournemouth. On 2 January 2020, Liverpool Victoria moved away from its friendly society status and became Liverpool Victoria Financial Services. Throughout their 175+ year history, Liverpool Victoria have continued founder William Fenton's intentions and helped people live more confident lives.
Liverpool Victoria offer a comprehensive Life Insurance policy with a number of additional benefits included for free.
Includes life cover and terminal illness cover Critical Illness cover can be added for an additional premium.
Policyholders age You can take out a policy between 17 - 79 years
Types of cover available LV= offer Level Term Insurance, Decreasing Term Insurance, Increasing Term Insurance and Family Income Benefit.
Policy Term the length of time your policy can run for can be between years.
Maximum Benefit Unlimited for Life Insurance and Critical Illness Cover
Life Insurance with Liverpool Victoria
|Life Insurance||LV Options|
|Types of Cover offered||
|Minimum Age Entry||17 years old|
|Maximum Age Entry||79 years old|
|Terminal Illness Cover||Yes|
|Guaranteed Increase Options||Increase your benefit by up to 50% because of a life change, such as getting married or having children with no further requirement for medical evidence.|
|Splitting a Joint Policy||LV= allows you to separate your joint policy into two separate policies if you get a divorce or dissolve a civil partnership.|
|Additional Free Benefits||Including access to LV= Doctors Services, which includes remote access to over 5,000 UK Medical Professionals, prescriptions, physiotherapy, mental health support and Health MOT access.|
|Advanced Funeral Payment||LV= offer an advanced of up to £10,000 of your payout before probate, to cover funeral costs.|
If your policy number is in the format 123456-0001-5N or 1234567-0001-A
Calling from abroad? +44 1392 366 685.
If your policy begins with a letter A, B, C, F, L, RN, T, U, V or X
Calling from abroad? +44 1392 366 685.
A Term Life Insurance policy does not provide a cash sum if you are still alive at the end of the term. Premiums tend to be lower for such policies as the majority will out-live their policy. Term Life Insurance policies are generally taken out by people who do not want to leave any financial burden on their family such as mortgage payments.
Both policies will pay out a lump sum upon your death at any age. Generally speaking, Whole of Life cover tends to have cheaper premiums over an Over 50’s plan as you have to disclose your medical information. The most cost effective option for you depends on whether you would benefit from your medical history being disclosed or not. Although the premiums of a Whole of Life policy tend to be lower, you will pay the premium until you pass away, whereas Over 50s plans often have an upper age limit. While your cover will remain, you are no longer required to make payments - usually when you reach 90 years old or the 30th anniversary of your policy.
Yes, should you suffer a serious illness Critical Illness cover will pay out a tax-free sum. This can be an add on to your Life Insurance policy or bought separately. Speak to one of our expert advisors to find out which policy would best suit your needs.
Setting up a Life Insurance policy is designed to protect loved ones and writing the policy into trust goes a step further in achieving this goal. This enables you to select who would hold the money for your children until they reach a certain age should you die. This will often be a partner, sibling or close friend as they will have a legal responsibility to carry out the wishes of the person creating the trust.
Life Insurance is a risk-based product and so with the significant health impacts that smoking can have on a person, the insurance companies will charge someone a higher premium should they smoke. A smoker is usually defined as someone who has used any nicotine product in the last 12 months although some insurance companies have changed this to longer periods. If you took a policy while smoking and you no longer smoke, you should contact us to review your policy.
Vaping is a recent trend which insurance companies and health bodies have had to educate themselves on. The vast majority of e-cigarettes still contain a level of nicotine which can be addictive and so anyone who uses such products will still be classed as a smoker.
Most people tend to like the idea of their premium never changing as it provides stability and peace of mind – these are known as guaranteed premiums. Reviewable premiums are sometimes opted for whereby the premium can start at a lower amount but increase over of the course of the policy.
No, your insurance payout will not be liable for tax.
Here at Usay Compare, we can help you to compare prices and cover from the market leading UK health and life insurance companies such as Aviva, AXA and Bupa. Our service is completely free of charge and we are totally independent and impartial.
Our team of friendly, expert advisers are on the end of the phone, ready to guide you easily through the whole process. They will get to know your unique individual requirements, do all the hard work comparing prices and policies for you; then advise on the best and most cost-effective quote.