Independent review of LV= life insurance policies, pricing, and customer experience
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LV= (formerly Liverpool Victoria) is one of the UK's largest and most established life insurance providers with over 180 years of heritage. They offer a comprehensive range of life insurance products including term life, whole of life, and critical illness cover. This independent review examines LV='s policies, pricing, customer service, and overall value.
LV= (Liverpool Victoria) is a mutual insurance company established in 1843, making it one of the UK's oldest and most trusted insurers. With over 1.1 million life insurance customers and £22 billion in assets under management, LV= has extensive experience in the life insurance market.
Key facts about LV=:
As a mutual company, LV= is owned by its members (policyholders) rather than external shareholders. This structure means profits are reinvested into the business to improve products and services for customers, rather than being paid out to shareholders.
LV= has strong financial stability ratings and a long track record of paying claims - over 99% of life insurance claims are paid. The company processes thousands of claims annually and has comprehensive underwriting expertise across all risk profiles.
LV= offers a comprehensive range of life insurance products to suit different needs:
Fixed payout amount throughout the policy term. Ideal for protecting your family's lifestyle, clearing debts, or leaving an inheritance. Available from £5,000 to £10 million cover. Terms from 5 to 50 years. Joint and single policies available.
Cover amount reduces over time in line with a repayment mortgage. Most cost-effective way to protect your mortgage. Cover from £25,000 to £5 million. Terms from 5 to 40 years. Guaranteed premiums fixed for the policy term.
Pays a regular monthly income to your family instead of a lump sum. Tax-efficient option for replacing your salary. Income from £1,000 to £60,000 per month. Terms from 5 to 40 years. Options to increase payments with inflation.
Cash lump sum if diagnosed with a serious illness. Can be added to life insurance or purchased standalone. Covers 56 critical illnesses plus 16 additional payment conditions. Children's critical illness cover included at no extra cost (up to £25,000). Payout for early-stage cancers and other less severe conditions.
Lifetime cover with guaranteed payout whenever you die. Ideal for inheritance tax planning, funeral costs, or leaving a legacy. No end date - covers you for life. Option to build cash value within the policy. Premiums can be paid throughout life or for a fixed term.
LV= product features include:
LV= premiums are competitive but not always the cheapest on the market. Costs vary based on age, health, smoking status, cover amount, and policy term. Comparing quotes from multiple insurers can help you find the best value.
Example LV= premiums for £200,000 level term life insurance over 25 years:
| Customer Profile | Estimated Monthly Premium |
|---|---|
| 30-year-old non-smoker | £12-18 |
| 40-year-old non-smoker | £20-30 |
| 50-year-old non-smoker | £50-70 |
| 30-year-old smoker | £25-40 |
Factors affecting LV= life insurance premiums:
LV= offers competitive rates for standard risk applicants, but pricing can vary significantly depending on individual circumstances. Some applicants may find better value with other insurers, particularly for high-risk profiles.
LifePro compares LV= quotes against 50+ other UK insurers to ensure you get the most competitive rate for your specific needs.
LV= is an excellent choice if you prioritise financial stability, strong customer service, and comprehensive product options from a trusted mutual insurer. However, comparing quotes from multiple providers through LifePro ensures you get the best value for your specific circumstances.
LV= is particularly suitable if you:
You might find better value elsewhere if:
The best way to determine if LV= is right for you is to compare their quote against other leading UK insurers. LifePro makes this easy by comparing LV= alongside 50+ other providers in seconds.
Compare LV= against 50+ other UK insurers
Get Free Quotes »Yes, LV= is a highly reputable insurer with over 180 years of experience, strong financial ratings (A- from Standard & Poor's), and an excellent claims record (99%+ claims paid). As a mutual company owned by members, they focus on customer value rather than shareholder returns. However, 'good' depends on your individual needs - comparing LV= against other insurers ensures you get the best deal.
LV= costs vary based on age, health, smoking status, and coverage needs. Example: A healthy 35-year-old non-smoker might pay £15-20/month for £200,000 cover over 25 years. Smokers typically pay double. LV= premiums are competitive but not always the cheapest - comparing quotes from multiple insurers through LifePro helps you find the best value.
Yes, LV= has an excellent claims record and pays over 99% of life insurance claims. The small percentage not paid are typically due to non-disclosure of material facts during application or policy exclusions. LV= processes thousands of claims annually and has extensive experience supporting bereaved families through the claims process.
LV= offers online quotes but typically requires phone or advisor contact to complete the application. This allows for more detailed underwriting discussions and ensures you get the right cover. Alternatively, LifePro can compare LV= alongside 50+ other insurers and help you apply online or via phone with expert guidance.
LV= critical illness cover includes 56 major conditions (cancer, heart attack, stroke, MS, Parkinson's, kidney failure, etc.) plus 16 additional payment conditions for early-stage or less severe diagnoses (paying 10-25% of cover amount). Free children's critical illness cover is included up to £25,000. Always check specific policy definitions as conditions must meet certain severity criteria.
Yes, you can cancel LV= life insurance at any time. If you cancel within 30 days of starting the policy (cooling-off period), you'll receive a full refund of premiums paid. After 30 days, you can still cancel but won't receive any refund - the policy simply ends. If you cancel, you'll lose all protection and would need to reapply for new cover at potentially higher rates.
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LV= is a reputable insurer with strong financial ratings and comprehensive products, but comparing quotes ensures you get the best value. LifePro compares LV= alongside 50+ other UK insurers to find you the most competitive rate for your specific needs. Get free, no-obligation quotes in minutes and see how LV= stacks up against the competition. Expert advice included.
