LV= life insurance review summary

LV= life insurance
  • Liverpool Victoria (LV=) are one of the UK’s leading insurers with over 4.5 million UK customers[1]
  • Their life insurance can provide your loved ones with a lump sum pay out if you pass away during the policy term
  • Policy options include level and decreasing term life insurance, family income benefit and life insurance with critical illness cover
  • LV= no longer offer over 50s life insurance or whole of life insurance to new customers
  • Their life insurance is advertised from £5 per month
  • In 2023, LV= paid out 97% of all life insurance claims[2]
  • Currently, new customers could receive a free gift voucher up to the value of £250 when purchasing a policy directly through LV= (terms and conditions apply)

Who are LV=?

The history of LV= dates back to 1843 when they provided what was known as a ‘penny’ policy.

180 years later and they’re now one of the UK’s largest insurers, officially starting to trade as the LV= we know today back in 2007.

Over their lifetime, LV= have won many awards for their insurance products.

Most recently, in 2024, they were highly commended for the ‘Best Protection Service’ award in the Moneyfacts Awards

In 2023, they won the ‘Outstanding Insurer of the Year’ award at the LifeSearch Awards and in 2022 they were named as one of the best life insurance companies by Forbes.

This review focuses on the life insurance offered by LV= and covers topics such as:

As well as life insurance, LV= also offer a wide range of other insurance products and financial services such as:

  • Income protection
  • Car insurance
  • Travel insurance
  • Pet insurance
  • Home insurance
  • Landlord insurance
  • Pension and retirement solutions (such as equity release)
Compare LV= Life Insurance Quotes »

LV= life insurance reviews

In general, LV= are rated well by their customers and independent review sites.

We have looked at reviews from the following leading review sites:

  • Defaqto - An independent researcher of financial products, supporting customers in decision making. Policies are rated out of 5 stars
  • Trustpilot - Trustpilot allows real customers to leave feedback on their experience. 5 stars is the maximum score that can be given
  • Fairer Finance - An independent research agency and consumer group. We have used the ‘customer experience rating’
Review siteRatingAnalysis
Defaqto 3 - 5 stars
Most of LV=’s life insurance policies are rated 5 stars on Defaqto. This is the highest available score. One policy is rated 3 stars.
Trustpilot

4.4
('Excellent')

LV= are rated ‘Excellent’ on Trustpilot with a 4.4 star rating. Over 80% of customers who left a review rated them as 5 stars.
Fairer Finance 69%This rating is calculated using criteria such as how transparent an insurer is and how good they are at handling complaints. The highest rated insurer on Fairer Finance has a customer experience rating of 85%.

Overall, customers seem to be satisfied with the products and services offered by LV=.

Why not compare LV= life insurance using our award-winning broker service?

LV= life insurance policy summary

LV= offer term-based life insurance, this is an option that provides cover for a specified period (the term) and will pay out if you pass away during this time.

Life assurance options such as whole of life insurance and over 50s plans are no longer available through LV=.

Below is a breakdown of the life insurance options available through LV=:

Policy typeAvailable toMaximum term lengthPolicy detailsCan help to cover
Level term life insurance18 - 845 - 50 years
(cover must cease by your 90th
birthday)		Provides a fixed pay out if you pass away during the policy termFamily living costs and/or a
mortgage
Decreasing term life insurance18 - 845 - 50 years
(cover must by your 90th
birthday)		Provides a pay out if you pass away during the term. Your sum assured will reduce throughout the policy termA repayment mortgage
Family income benefit18 - 845 - 50 years
(cover must cease by age 90)		Provides monthly pay outs rather than a lump sum. Payments will be made for the remainder of the policy termFamily living costs
Life insurance with critical illness cover18 - 645 - 50 years
(cover must cease by age 80)		Provides a pay out if you pass away or are diagnosed with a serious illness during the policy term. 41 critical illnesses are coveredLost income, medical treatment and/or cover family living costs

Policies through LV= can be taken out on a joint basis. This allows two lives to be covered under one policy, helping you save money as there’s only one premium to pay (although only one pay out will be made).

Compare LV= life insurance with other major insurers using our fee-free comparison service.

How much LV= life insurance do you need?

Enter your financial commitments to estimate how much LV= life insurance you’re likely to require.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
£
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
£
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
£
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
£
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
£
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
£
?

If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
£ -

Your total cover estimate

£ 0

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How much is LV= life insurance?

LV= advertise their life insurance from just £5 a month[1]. However, the exact price you pay for life insurance will depend on your personal circumstances.

During the application process, LV= will take the following information into consideration:

  • Age
  • Medical history
  • BMI
  • Smoking status
  • Occupation
  • Lifestyle
  • Policy type
  • Policy term
  • Sum assured

The table below shows example quotes for level term and decreasing term life insurance through LV=.

Quotes are based on a non-smoker, in good health, for a policy with £180,000 of cover and a 20 year term:

AgeLevel term life insuranceDecreasing term life insurance
30£11.53£10.52
35£16.76£14.75
40£26.96£21.35
45£44.90£33.77
50£79.49£59.68

The table below shows example quotes for LV= life insurance, compared to other leading UK insurers.

Quotes are based on a non-smoker in good health for a level term life insurance policy with a 20 year term and £180,000 of cover:

Age LV= Aviva Legal & General
20£8.02£6.30£7.20
25£9.79£7.93£8.06
30£12.87£11.53£12.73
35£18.76£16.76£20.06
40£29.72£26.96£29.25
45£49.44£44.90£48.74
50£89.84£79.49£87.28

Reassured can help you compare life insurance from the insurers above, plus more. Simply get in touch today for your free quotes.

Compare Quotes from Leading Providers »

LV= life insurance: Real customer case studies

Below are two case study examples from our real-life customers who secured LV= life insurance policies.

Case study 1:

Applicant detailsMiss H. Glover
(Born in 1997 / non-smoker)
Heath conditionsNone
Reason for coverMortgage and family
Policy detailsSum assured: £300,000
Policy type: Level term
Term length: 30 years
Monthly premium£16.06 a month

Case study 2:

Applicant detailsMrs L. Boyd
(Born in 1980 / non-smoker)
Heath conditionsNone
Reason for coverFamily
Policy detailsSum assured: £100,000
Policy type: Level term
Term length: 20 years
Monthly premium£24.81 a month

Please note, the customers names have been changed

Do LV= pay out?

Yes, in 2023, LV= paid out 97% of all life insurance claims[2].

More than £87 million was paid out in life insurance claims (including terminal illness), supporting 5,500 families.

The most common reasons for claims in 2023 were:

Only 2.73% of life claims weren’t paid in 2023. This was due to misrepresentation (important information being missed from your application, such as not providing accurate alcohol consumption or smoking status)[2].

LV= life insurance additional benefits

LV= life insurance policies come with a range of additional benefits to enhance your protection. These include:

  • Free access to LV= doctors services - Fast and convenient access to expert medical services via an app or by phone (provided by Square Health)
  • Terminal illness cover - Comes with all term policies at no extra cost and allows you to make an early claim on your policy if you’re diagnosed with a terminal illness and given 12 months or less to live
  • Guaranteed insurability - After a specific life event (such as a marriage, divorce, birth of a child or mortgage increase), you can increase your sum assured without needing to provide additional medical information
  • Enhanced critical illness cover - For 9 specified conditions, LV= will pay an additional 50% on top of your cover amount up to a maximum of £200,000
  • Children’s critical illness cover - You can add children’s cover to your critical illness cover for an additional cost. This will cover up to £35,000
  • Member benefits - Discounts on other LV= products and services, access to legal advice and care navigator (help and support when seeking later life care)

LV= life insurance contact number

You can contact LV= on the phone by calling 0800 678 1906 (lines are open Monday to Friday 09:00 - 17:00).

Are LV= good insurers?

Hopefully, this review has helped to give an insight into the life insurance options offered by LV=.

Overall LV= offer a range of policy types, with a number of additional benefits. However, it’s important to consider the advantages and disadvantages of an insurer before securing a policy:

PROs

  • LV= are a well-respected insurer with a long history in the industry
  • Products and services are highly rated by their customers with a 4.4 (out of 5) score on Trustpilot
  • High pay out rate, with 97% of all life claims being paid out in 2023[2]
  • Policyholders get free access to LV= Doctor Services and Legal Advice Line
  • Policies can be purchased online directly through LV= or through Reassured

CONs

  • Life assurance, such as whole of life and over 50 life insurance, options aren’t offered
  • Lower Fairer Finance customer experience score compared to other insurers
  • Based on our example quotes, cover appears to be more expensive than other insurers

For further information on LV= life insurance you can find their policy documents below:

Ultimately, only you know what’s right for you and your loved ones.

A friendly member of our team will be happy to provide you with all the information you need to help you make a fully informed decision.

Compare LV= life insurance quotes

By using our award-winning broker service, you can compare LV= life insurance with other leading UK insurers.

We can save you time and money by comparing multiple quotes and providing you with our best deals.

Our service is fee-free to use and our no obligation life insurance quotes start from just 20p-a-day † .

Why not get started today?

Compare LV= Life Insurance Quotes »

LV= life insurance FAQs:

Who underwrites LV= life insurance?

All LV= life insurance policies are underwritten by themselves.

How do I make an LV= life insurance claim?

Claims can be made by contacting LV= directly.

For policy numbers in the format 123456-001-5n or 1234567-001-A, call the following number:

  • 0800 756 5869

For policies beginning with a letter (A, B, C, F, L, RN, T, U, V or X) call the following number:

  • 0800 681 6294

Alternatively, claims can be made via post:

  • LV= Claims Department
    Emperor House
    Grenadier Road
    Exeter Business Park
    Exeter

Or via email:

  • healthclaims@lv.com

How long do LV= claims take?

LV= aim to pay out successful claims within 3 days.

Factors like more information being needed and/or probate could impact the length of time it takes for a claim to be assessed.

Can I cancel an LV= life insurance policy?

Yes, you can cancel your life insurance policy at any time by contacting LV=.

If you cancel within 30 days of taking out your policy, you’ll be refunded for any premiums you’ve paid.

If you cancel after the 30 day cooling-off period, you won’t receive any refunds.

You may also wish to cancel the direct debit from your bank to ensure no other payments are taken.

Can LV= life insurance be written in trust?

Yes, LV= life insurance can be written in trust.

Writing your life insurance policy in trust passes the rights of your policy to a trustee (of your choosing) after your passing.

The trustee will then be responsible for distributing the funds to your beneficiaries as per your wishes.

This process can help to detach your policy from your estate, minimising or avoiding inheritance tax for your loved ones.

Do LV= sell over 50 life insurance?

LV= no longer sell specific over 50 life insurance. However, their term life insurance options are available up to the age of 84.

Will I get a free gift with LV= life insurance?

Yes, currently LV= are offering a gift card up to the value of £250 for new customers who purchase a policy directly through them

If you purchase a policy online on or before November 29th 2024, you could be eligible to receive this free gift offer.

You’ll need to keep your policy in place and pay at least 6 monthly premium payments to claim the gift.

The value of the gift card you’ll receive will depend on how much you’re paying for your monthly premium. For example, a premium of £5 - £9.99 could earn you a gift card of £30, a premium of £20 - £29.99 could earn you a gift card of £100. You must be paying a premium of £50 or more to qualify for the full £250 voucher.

Full terms and conditions can be found on the LV= website.

Sources:

All information regarding LV=’s product offerings is correct as of 24/10/24 but is subject to change at any time

[1] https://www.lv.com/insurance/about-us

[2] https://www.lv.com/life-insurance/faq/will-you-pay-a-claim

[3] https://www.lv.com/about-us/press/lv-protection-claim-payouts-hit-135m-in-2023

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