Review of Liverpool Victoria Life Insurance
Liverpool Victoria Life Insurance has numerous covers and policies of life insurance starting as low as £5 a month. They offer Level and Decreasing insurance with options for Critical Illness Cover. LV Over 50 Live Insurance policy is also available.
If you want to find out more about LV insurance, read our full Liverpool Victoria Life Insurance review below.
- Fixed Premiums
- Ability to place payout into a Trust
- Joint policies available
- Membership discounts on car, home, and travel insurances
- Access to Doctor Services
- Inflation-linked amount of cover
- Unable to increase cover without new application
- Cover for total permanent disability isn't available if you apply online.
- Medical required for application (excluding over 50)
About Liverpool Victoria
Liverpool Victoria Life Insurance (LV, for short) is a multi-award winning insurance company. In 2016 the won awards from LifeSearch as Best Income Protection Provider and Best Service for New Customers. They also won the Five Star award from Financial Adviser Service Awards. They were rated Most Trusted Life Insurer for 2017 by Moneywise for the last five years (2013-2017).
Insurance Options: Our Honest Breakdown
Covers start as low as £5 per month.
If you're diagnosed with a terminal illness such as cancer during the plan term you have the option for a payout of the insurance policy early. Although, the terminal illness payment is 3% less than the cover amount, if used the policy will end.
Most LV Life insurance policies require a medical examination when applied for.
Level Life Insurance Cover
Liverpool Victoria Life Insurance policies cover up to £500,000 if insured is between 17 and 69. £300,000 if they are ages 56 to 65, or £200,000 for ages 66 to 69 when you apply.
LV Level insurance policy pays the cover amount in the event of the insured’s death or is diagnosed with a terminal illness where the insured is expected to pass away is less than 12 months.
The cover and premiums are fixed at from the policy start and cannot change. It is designed to leave a sum to surviving family members and to assist with funeral costs.
Decreasing Liverpool Victoria Life Insurance policy
Decreasing Liverpool Victoria Life Insurance policy is best suited to cover mortgage repayment. The cover amount goes down each year, but your premium remains fixed. It is designed to decrease at a rate similar to the decreasing rate of your mortgage repayment.
It will pay a cover amount in a lump sum if the insured dies or has a diagnosis of a terminal illness where the insured is expected to pass away in less than 12 months. Cover levels are the same as with Level insurance.
50 Plus Plan
Liverpool Victoria Over 50s Life Insurance is for people in the UK ages 50-80.It is designed to help assist with funeral costs and any unpaid bills at the insureds death.
Cover amounts can be from the minimum of £1000 to the maximum of £25,000, and start as low as £7 a month. Payouts can occur within 48 hours.
Unlike Liverpool Victoria Live Insurance other plans this plan does not require a medical with the application. But if the insured dies within the first year of the plan, only the paid premiums will be refunded. After one year, the insured is guaranteed fully covered.
Critical Illness Cover
Liverpool Victoria Life Insurance Critical Illness Cover can be attached to both Level and Decreasing policies. This policy pays a lump sum if you die, or are diagnosed with one of the 63 critical illnesses listed during the policy’s term. Keep in mind, not all forms of critical illness are covered.
This policy is available to ages 17 to 64 when your policy starts. Your policy must last for at least 5 years but not more than 40 years, and must end before age 70.
Child Critical Illness Cover is automatic. Liverpool Victoria Life Insurance policy will cover the lower of 50% of your amount of cover or £25,000. This benefit is at no extra cost.
Cover for total permanent disability isn't available if you apply online.
Guaranteed or Reviewable premium option available. There is an option for reviewable premiums, where Liverpool Victoria Life Insurance reviews your current premiums and might offer you a better policy.
Income Protection Cover
Liverpool Victoria Live Insurance Income Protection will pay a monthly income to assist in replacing lost income, up to 60% of insured’s annual income before taxes, if they are unable to work due to a sickness or accident.
Minimum cover of £100 a month up to the maximum of £12,500 per month.
To be eligible insured must be registered with a UK GP for the previous 2 years, 17 to 59 years of age, and your income protection cover costs at least £5 a month. Your Liverpool Victoria Life Insurance policy must last for at least 5 years.
Conclusion: Liverpool Victoria
Liverpool Victoria Life Insurance also offers an Inflation-linked cover. It is designed to increase the cover each year in line with the Retail Prices Index to help maintain the overall value of the selected cover. The cover and premium will increase each year in line with inflation. It is available to those 17 to 59 years of age.
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