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LV Life Insurance Review – Forbes Advisor UK

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Who are LV?

LV, or London Victoria, has been selling life insurance policies since 1843 – known back then as penny policies.

The provider also sells car insurance, investment products, pensions and annuities, plus equity release.

LV’s insurance policies are underwritten by the Liverpool Victoria Insurance Company, which is regulated by the Financial Conduct Authority (FCA).

What types of life insurance policies does LV offer?

LV offers the following types of life insurance:

  • Decreasing term – offering a pay-out sum that decreases over time as you pay down your commitments (eg mortgage debt)
  • Increasing term – offering a pay-out sum that goes up over time to reflect inflation and the rising cost of living
  • Level term – offering the same pay-out sum for the entire term of the policy
  • Family benefit – offering regular, fixed payments to your family after your death for an agreed period.

How much life insurance do I need?

The level of protection you need depends on your individual circumstances.

If you’re thinking about buying a policy and wondering how much you need, it’s important to consider your income, savings, obligations and financial commitments, as well as how long your family will need support for.

Think about how much of your mortgage would be left to pay, other outstanding debts and perhaps even what you’d need to support a child through university.

Our life insurance calculator has just three steps and helps you work out how much cover you need.

How much does life insurance cost?

Life insurance premiums are uniquely tailored to each policyholder, but policies generally start from around £5 per month. As a rule of thumb, premiums are lower for young and healthy people than they are for older people with health concerns.

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Read our guide to the cost of life insurance for more information.

Is LV a good life insurance provider?

Fairer Finance researches customer experiences with financial services companies. Its data shows that 95% of life insurance claims were paid out by LV last year.

Around 77% of customers were happy with the way their complaints were handled, which puts it in last place out of 26 life insurers ranked by Fairer Finance.

On Trustpilot, which collects reviews from verified LV customers who bought any of its products, the insurer has a score of 4.7 out of a possible 5.

Should I consider LV for life insurance?

Before you apply for life insurance from any provider, it’s best to first check whether you have cover provided elsewhere. For example, some insurers provide death-in-service cover. This country has lump sum to your dependents if you die whilst employed by the company.

You should check what level of cover your employer offers, however, as you may need a supplementary life insurance policy to make sure you have sufficient coverage.

Whatever your needs, it’s best to compare LV premiums against other providers using our comparison tool. Also remember that premiums aren’t the only consideration, since policy features and benefits differ from one provider to the next.



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