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LV Life Insurance Review

Everything you need to know about LV life insurance, including how it works and benefits of these policies

A photo of Grace Lynch, the author

By Grace Lynch

Published on: 1 January 2023

10 min read

LV Life Insurance Review 

LV (also known as LV= or Liverpool Victoria) is a household name in the UK. They are well known for their iconic bright green branding and memorable TV advertisements. Even if you don’t know exactly what LV do, you have most likely heard the name at some point. 

LV is one of the UK’s largest insurance providers, having protected families, homes, and businesses in this country since 1843. They also provide several other financial services and products including investments, pensions, and equity release. 

Why choose LV life insurance? 

LV offers a range insurance products and pricing options to suit people with different budgets and circumstances. They can even offer policies from as little as £5 per month according to their website. Of course prices can vary from person to person, so keep this in mind. Life insurance can give you peace of mind that your loved ones will be financially supported if you passed away.

LV is a multi-award winning brand having won awards such as: 

  •  MoneyFacts Best Income Protection Provider every year since 2010  
  •  Defaqto Gold Service rating for their LV= Protection. 

Liverpool Victoria was founded by William Fenton in Liverpool in 1843. They have been providing insurance cover and services to people in the UK for over 175 years. LV first became well known for a policy called the ‘penny policy’. This policy was more formally known as Industrial Branch Whole of Life Insurance.  

They had a desire to help the people who were poorer in Liverpool. Their policy allowed them to be able to bury their loved ones properly. With penny polices, people paid a penny per week, so their families could afford a decent funeral for them.  

LV began as a Friendly Society before becoming a limited company in recent years, registering with Companies House in January 2020.  

The main areas of business for Liverpool Victoria Financial Services Ltd include: 

These are some of the main features of LV life insurance: 

Policy type Life insurance 
Premium options Guaranteed premiums (the amount you pay each month will stay the same for your whole policy) 
Reviewable premiums (the amount you pay each month can increase or decrease, depending on the policy you have chosen) 
Cover options LV level term Life Protection (level term life insurance cover). 
LV decreasing term Life Protection (decreasing term life insurance). 
LV increasing Life Protection (Indexed) 
Life and critical illness cover (combined policy). 
LV Over 50s life insurance. 
Family income Benefit. 
Coverage type Single life.  
Joint life (first death). 
Terminal illness cover benefit Included as standard with all LV Life Protection policies at no additional cost.
Will pay out if diagnosed with an illness that has a life expectancy of no more than 12 months. 
This life expectancy must be agreed by your doctor and LV experts.
Waiver of Premium benefit Optional benefit for an extra cost.
Will pay your premiums for you if unable to work due to illness or injury. 
Indexation option (RPI) You can choose to have the amount of cover (£s) you are insured for to increase every year. This can increase every year, by and will be calculated by multiplying the rate of inflation by 1.5.
Age limits (minimum and maximum ages) Minimum age 17 at start of policy. 
Maximum age 84 at start of policy. The policy can cover you for up to 50 years but the policy must end before age 90. 
Life insurance exclusions Suicidal death within the first 12 months of the policy start. 
Terminal illness benefit will not pay out if the illness is diagnosed abroad. The diagnosis must be confirmed in a UK location specified in your policy documents 

Learn more about life insurance in our MPO Life Insurance Guide.

LV has a lot of different contact numbers which can be confusing. It isn’t always easy to know which number is the right one to call for what you need. We have put together the below list of contact details to make it a bit easier for you.

LV life insurance contact number UK (advice): 

Tel. 0800 197 2266 

Opening hours: Monday to Thursday 8am-8pm / Friday 8am-7pm 

LV life insurance number for new customers:  

You cannot get a quote over the phone for a new policy from LV. You can fill in a quote form online or access a quote via an independent insurance advisor. 

LV contact number life insurance (existing customers): 

If you are a life insurance customer with an existing claim or need to speak on behalf of someone else: 

Tel. 0800 678 1906 

Opening hours: Monday to Friday 9am-5pm 

LV life insurance email address: 

As of this moment there is no option to email LV directly other than for claims. There are however many different contact forms available on the website on their contact us section.  

LV Life and critical illness cover  

LV offers a specific combined policy, with both life cover and critical illness cover. You can also get children’s cover included FREE with any adult critical illness policy.

With LV, you will be paid a tax-free cash lump sum if diagnosed with one of 40 medical conditions. They even offer ‘enhanced accident benefit’ for 9 medical conditions. This means you will receive 100% of the sum assured in your policy – plus an additional 50% on top of this! 

Here are some of the key features of LV critical illness cover: 

Policy type Critical illness insurance 
Premium options Guaranteed premiums (the amount you pay each month will stay the same for your whole policy) 
Cover options LV Life and Critical Illness Cover  
LV Combined Life and Enhanced Critical Illness Cover 
Coverage type LV Level term Critical Illness Cover (family protection) 
LV Decreasing term Critical Illness Cover (mortgage protection) 
LV Increasing Critical Illness Cover (Indexed) 
Illnesses covered by core plan option 41 conditions covered (if total permanent disability is added) 
38 conditions (full payment of 100% of the sum assured) 
2 conditions (25% of the sum or £30,000 whichever is lowest). 
9 conditions have ‘enhanced accident benefit’ meaning LV will pay an additional 50% on top of the cover amount (150% payment up to £200,000).
These conditions must occur because of an accident to qualify: 

Permanent blindness 
Brain injury from trauma with permanent symptoms 
Coma with permanent symptoms 
Permanent deafness 
Loss of hand or foot 
Permanent loss of speech 
Permanent paralysis of limb  
Surgical removal of eyeball 
Third degree burns that cover 20% of the body or 20% of the head/face 
LV Combined Life and Enhanced Critical Illness Cover option 87 conditions covered (if total permanent disability is added) 
49 conditions (100% payment) 
38 conditions (additional payment) 
Standard LV children’s critical illness cover included free automatically, with option to upgrade for an additional cost. 
Children’s Critical illness insurance core plan option Optional for an extra cost, provides cover up to £35,000 or 50% of your sum assured (whichever is lowest) 
Covers 95 conditions overall
58 conditions (100% payment)
37 conditions are additional payment (10 child specific conditions) 
Pays out £5,000 child funeral cover 
Pays out £5,000 for specified pregnancy complications 
Children’s Critical illness insurance enhanced plan option Optional for an additional cost. 
Age limits (minimum and maximum ages) Minimum age 17 at policy start. 
Maximum age 64 at policy start. 
Must be aged between 17 and 59 for increasing cover. 
(minimum term 5 years and policy must end before age 80) 
Critical illness insurance exclusions The policy will not pay out if the condition is not specified in the policy terms. It also won’t pay out if the policy holder dies within 14 days of diagnosis. 

LV life insurance claim 

How to make an LV life insurance claim 

If you need to claim on an LV life insurance policy, there are some details that LV will need from you. The only two main requirements stated by LV are: 

  • The policy number (will usually be on policy documents or bank statements) 
  • The original copy of the death certificate 

It can also be useful to know other information. This includes details such as the policy holders name, date of birth, last known address. They may also want to know who the executor of the will is, if there is one in place. 

You may need to claim for yourself due to terminal illness (terminal illness benefit). You will need to provide LV with sufficient medical evidence provided by your doctor. 

What happens next with your claim

  • LV’s team will be in touch and how long it takes for the claim to be approved can vary. LV should be able to estimate a rough timescale if asked. 
  • They may need additional medical evidence or request probate before verifying the claim 
  • Once the claim has been approved, the funds should be paid within 3-5 working days. 

It can be frustrating when trying to deal with a life insurance claim and not knowing which number to call.

Below is a list of numbers for various claims departments at LV. This should help you to know the right place to call for your policy specifically. If using TextDirect, you will first need to dial 18001 before the relevant number. 

If your policy number is in the format 123456-0001-5N or 1234567-0001-A: 

Tel. 0800 756 5869  

If your policy number begins with the letter(s) A, B, C, F, L, RN, T, U, V or XA: 

Tel. 0800 681 6294 

If claiming on an over 50s life insurance policy: 

Tel. 0800 032 8390 

Opening hours for all numbers: Monday to Friday – 9am-5pm 

You can also email healthclaims@lv.com or contact LV to start your claim via post at: 

LV= Claims Department 

Emperor House  

Grenadier Road 

Exeter Business Park 

Exeter  

EX1 3LH 

Here are some of the top statistics for LV life insurance claims in 2021.  

  • Life insurance total paid out: almost £74million (including terminal illness benefit) 
  • Life insurance customers paid out: 6,677 
  • Critical illness cover total paid out: over £28million 
  • Critical illness customers paid out: 326 
  • Percentage of claims paid: 96% of new and ongoing protection claims 
  • Top causes for life insurance claims: cancer (39%), Covid-19 (16%) and heart conditions (15%). 

LV life insurance claims statistics 2022

These are the most recently published claims statistics for LV life insurance (2022).

  • Life insurance total paid out: almost £80.6million
  • Life insurance customers paid out: over 5,400 
  • Critical illness cover total paid out: £28.3million 
  • Critical illness customers paid out: over 360
  • Percentage of life insurance claims paid: 97%
  • Top causes for life insurance claims: cancer (40%), heart conditions (20%), respiratory conditions (9%), Covid-19 (6%) and stroke (5%). 

Read more – LV Critical illness claims statistics (2022)

LV offers the option to put your life insurance policy into a trust at no additional cost. They even have an online trust tool to help you choose the right one. You can also ask a financial adviser or insurance expert for advice. A trust allows you to have greater control over how the pay out from your policy is used.

LV also includes an optional ‘survivorship’ clause if your trust is for a joint life policy. The surviving partner will receive the insurance pay out not the beneficiaries. This is provided they survive for 30 days or longer following the first policy holder passing away.  

If they do not, the money will go to the beneficiaries that have been specified in the trust. 

The main benefits of an LV life insurance trust  

  • Can be a low-cost alternative to a Will if there is not one in place (usually free) 
  • Can specify beneficiaries for your policy and trustees to carry out your wishes 
  • Life insurance claim will pay out faster (due to avoiding probate) 
  • Can be used to avoid or reduce Inheritance Tax (40%) 

You can contact LV about trusts at:  

Tel. 0800 678 1906  

How to cancel LV life insurance 

Many people wrongly believe it isn’t possible to adjust or cancel a life insurance policy. You always have the option to cancel or change your policy if needed. There are multiple ways a life insurance policy can be cancelled. 

The main ways to cancel your LV life insurance: 

  • Cancel your direct debit with your bank or building society 
  • Get in touch with LV directly via phone call at: 0800 678 1906 
  • Get in touch via post: 

LV= 

Emperor House  

Grenadier Road 

Exeter Business Park 

Exeter 

EX1 3LH 

It is possible to cancel your policy at any time. It is important to be aware that you will lose all the premiums you have paid. You will only be refunded if you cancel within 30 days of the policy start date.  

Note: If thinking about cancelling or changing your policy, it can be worth speaking to an insurance advisor. It can be particularly useful to get proper advice if you are planning on putting a new policy in place. 

LV life insurance benefits (included free) 

  • LV= Doctor Services gives you access to six medical advice services. These include 24/7 Remote GP, prescription services, second medical opinions and more.
  • Terminal illness benefit is included as standard with LV Life Protection policies. This will pay out if you are diagnosed with a condition with a life expectancy of 12 months or less. 
  • Children’s critical illness cover is included free if you purchase enhanced critical illness cover for your own policy 
  • Critical illness cover provides enhanced accident benefit payments for 9 conditions. This means a larger payout of 100% of your cover amount plus an additional 50% on top of this. You can get a combined life and critical illness cover policy through LV. 

LV= is a mutual company meaning it is owned by members rather than shareholders. There are currently more than 1.6 million LV members. 

If you have an LV policy, you can apply to become an LV= member. Being a member will give you access to extra benefits such as: 

  • Health e-Hub which partners with Health Assured. This service offers free wellbeing resources and health assessments, accessible online or through an app. 
  • Member discounts for additional insurance products (e.g. travel insurance). 
  • Member support fund allows members to apply for funding during hard times for financial support (once a member for 12 months). 
  • 24 hour Legal Advice Line can advise you through a number of legal situations including consumer rights, wills and probate 
  • 24 hour access Health and Wellbeing Line can offer support during mental health difficulties or other medical issues.
  • LV= Care Navigator offers advice and support for later in life care in partnership with MorganAsh.
  • Voting rights so you can vote and have your say on key matters that affect the business. 
  • Access to the My Healthy Advantage app which provides resources to support physical and mental wellbeing and health. 

Other additional benefits of LV life insurance that can be added at an extra cost:  

  • Waiver of premium will pay your premiums for you if unable to work due to a medical condition or injury. 
  • Option to convert child’s critical illness cover to an adult plan within 6 months of their 23rd birthday. This policy can be worth up to £35,000 without needing medical underwriting (medical tests or GP reports). 
  • Enhanced critical illness cover and enhanced children’s critical illness cover can both be added onto policies for an additional cost. 

There are multiple ways you can buy a new life insurance policy or review your existing cover. You can:

Getting extra help and support can ensure you are getting the right cover without paying more than you need to. 

You can also read more about buying life insurance in more of our MPO life insurance guides. We have guides for:

LV life insurance reviews 

You can see feedback about LV’s service from real customers on the independent review site Trust Pilot. These reviews include feedback about life insurance as well as other insurance products like car, home and pet insurance. 

LV is currently rated 4.7 out of 5.0 stars with over 59,000 customer reviews. 81% of these independent customer reviews rate LV 5.0 out of 5.0 stars. 

You can see what other customers have to say or leave your own review on the LV Trust Pilot page.

Resources

LV – LV= protection claim payouts hit £119 million in 2021

Finder.com – Life insurance statistics

Statista – Life insurance industry in the UK: Statistics & Facts

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