Established in 1843 LV is a mutual protection, savings and retirement provider, owned by members rather than shareholders. The company has 1.28million customers, and offers a variety of products including life insurance, income protection, investments and retirement income solutions such as equity release, fixed term annuities and drawdown products.
Topics
Life Insurance
LV’s life cover pays out a cash lump sum if you pass away during the policy term. Cover starts from £5 per month and terminal illness cover included at no extra cost. The amount that you pay depends on your personal circumstances such as your age and whether you smoke. The policy is available to UK residents aged 17 to 79. You can choose the length to run between 5-45 years, but the policy must end before your 85th birthday. It is available as single life or joint life cover. In 2019, consumers voted LV as the winner of the Moneywise Most Trusted Life Insurance provider for the seventh year running.
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Over 50s Life Insurance
LV’s Over 50s life insurance offers full cover payable after one year. Premiums are from £5 per month and these will not go up once you’ve taken out a fixed plan. Acceptance is guaranteed with no medical for UK residents aged 50-80. You can have more than one Over 50s Life insurance plan.
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Mortgage Life Insurance
This policy provides you with a lump sum of money that decreases usually in-line with your debt, as you reduce the amount you may owe on a capital and interest repayment mortgage or other loans. Your premium remains the same for the duration of your policy: you can choose both the starting amount of cover in £’s and the term – from 5 to 45 years.
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Critical Illness Cover
Life Insurance with Critical Illness Cover will pay out if you die or are diagnosed with a critical illness during the term of the policy. This is added as an option when you take out life insurance. You will get a lump sum pay out if you are diagnosed with one of 48 conditions that LV have listed. Up to £25,000 of children’s critical illness cover automatically included in your monthly premium. The policy is available for UK residents aged 17 to 64.
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Whole Life Insurance
LV does not offer whole of life insurance.
Income Protection Insurance
LV’s income protection policy pays an on-going, regular benefit of up to 60% of your income If you’re unable to work because of an accident or sickness. This also includes rehab support services to help you return to full health as soon as possible. To qualify you must be a permanent UK resident aged between 17 and 59 and able to afford a minimum premium of £5 a month. You must also have been registered with a UK GP for at least the last 2 years.
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Other Services
LV offers a variety of products including life insurance, income protection, investments and retirement income solutions, such as equity release, fixed term annuities and drawdown products.
LV Reviews and Ratings
Online reviews for LV are mostly very good with excellent feedback on the clarity of information, speed of response, competitive quotes, straightforward processes and good online service.
Trust Pilot – 4.7/5 (based on 14,719 reviews)
Reviews.co.uk – 3.4/5 (based on 218 reviews)
Pros
- A long established, trusted brand
- Excellent customer feedback
- Winner of the Moneywise Most Trusted Life Insurance provider seven years running
- 5 Star Defaqto Rating
- Competitive cover from £5 per month
- Terminal illness cover included at no extra cost
- Single life or joint life cover available
- Children’s critical illness cover automatically included as part of main critical illness cover
- Free access to LV Doctor Services
- A helpful, informative website
- Free £100 vouchers for new customers
Cons
- Some customer feedback has noted missing policy documentation and slow customer service
- Whole of Life Insurance not offered
- Policy must end before your 85th birthday
- Support lines not open on weekends
Website: LV