Overview of Liverpool Victoria Friendly Society Limited’s (LV=) Life Insurance Products

Liverpool Victoria Friendly Society Limited’s (LV=) range of life insurance products include:

Other products under their Life Cover product line include:

These products can be included in the Flexible Protection Plan.

Quick Facts

Term Life Insurance Life with Critical Illness Over 50s Life Insurance
Primary purpose of product

Provides a lump sum for loved ones; can also be used as mortgage life insurance.

Protects the family in the event that the Person Insured dies, is diagnosed with a terminal illness or a critical illness.

Provides a lump sum to cover for:

  • Funeral expenses
  • Loans or bills
  • A gift to loved ones
Plan basics

- Cover amount stays the same throughout the life of the plan

- The amount of cover and the length of cover are selected at the onset

- This product can be bought over the phone or on-line

- The Sum Insured can be level, increasing or decreasing.

- The policy pays only once if full payment of the sum insured is made for death or critical illness.

- The sum insured can be level, increasing or decreasing.

- The policy remains in force if only partial payments or child claims are paid.

- The Person Insured can choose:

  • All covered critical illnesses, including total permanent disability
  • All covered critical illnesses, without total permanent disability
  • Total Permanent disability only

- Guaranteed cash sum upon death or terminal illness

- Sum insured remains constant and cannot be increased during the life of the policy

- Death claims within the first 12 months are only payable for accidental death. If death is by illness, premiums paid will be refunded.

- Death by illness/”normal” means is payable after the first 12 months

- Acceptance is guaranteed

Cover limits

- Aged 55 or below: £500,000

- Aged 56 to 65: £300,000

- Aged 66 and above: £200,000

For joint life policies, this is applied for the older Person Insured.

The limits are applicable to the combined life insurance policies under LV=.

No minimum or maximum. Sum insureds for life cover and critical illness cover may be different.

£25,000, maximum of all plans taken out

Cash-in value

None

None

None

Eligibility
Minimum age at entry

17

17

50

Maximum age at entry

- 59, for inflation-linked cover

- 79 for level or decreasing cover

59

80

Other eligibility requirements

Must be a resident of the UK

Must be a resident of the UK

Must be a resident of the UK)

Length of Cover
Minimum term

5 years

5 years

No fixed date

Maximum term

45 years

40 years

No fixed date, cover continues for the whole of the person’s life

Maximum age

- 85 years old, for level or decreasing cover

- 70 for inflation-linked cover

70 years old

Plan ends when a claim is made, no age limit.

Premiums

Premiums are paid monthly

Premiums are paid monthly

Premiums can be paid monthly.

Premiums are payable until 90 years old, after which no premiums are required, but cover will continue.

Future changes in premiums?

No, premiums are guaranteed.

Premiums can either be guaranteed or reviewable (especially if reviewable critical illness is included).

No, premiums are guaranteed.

Minimum premium

£5 monthly

£5 monthly

£5 monthly

Maximum premium

No maximum

No maximum

£100 monthly per life insured, maximum for all plans taken out from LV=

Guaranteed premiums

Yes

Yes

Yes

Reviewable premium

Yes

Yes

No

Additional benefits
Terminal illness

Yes, but the amount paid will be reduced by 3%

Yes

No

Joint life cover

Yes, only for first death

Only one payment is made for the policy

Yes

No

Critical illness cover

Yes (optional)

Yes

No

Premium protection / Waiver of premium

Optional, under the Flexible Protection Plan

Optional

No

Renewal option

No

No

Not applicable

Conversion option

No

No

Not applicable

Separation option

Yes

Yes

No

Accidental death

Yes

Yes

Cover for the entire life of the policy

For the first 12 months of the policy, accidental death is the only claim payable under the policy.

Guaranteed increase options

Yes

Yes

No

Other benefits/options

- Mortgage extension

- Buyback life cover option

No

Plan Details

Payment

The policy will pay out the death claim when the Person Insured dies within the plan term and as long as the policy remains in force.

Types of Cover

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Cash-In Value

There are no cash-in values for the plans.

Premiums

Premiums can either be guaranteed or reviewable.

Waiting Period

Some benefits require a waiting period. The Person Insured can choose the waiting period at the start of the policy.

For Life Insurance:

Level Cover

The amount of cover and premiums remain the same throughout the life of the policy. This can also be applied to the Mortgage Payment Protection benefit and the Living Expenses Protection Benefit.

Inflation-Linked Cover

The amount of cover and the premiums to be paid increase based on the rate of inflation. This is for the Living Expenses Protection Benefit.

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit pays the claim (unless another amount is specified in the Policy Summary) when the Person Insured is diagnosed with a Terminal illness. These conditions apply:

Guaranteed Increase Options

The Person Insured has the option to increase the Sum Insured of the policy for certain life events that happen to him. The availability of this option is stated in the policy schedule under “Special Provisions”.  The increase in Sum Insured is applicable without the Person Insured needing to provide additional medical evidence.

Life Events Maximum allowable increase

Marriage or civil partnership

Up to 50% of the Sum Insured

Childbirth or legal adoption of a child

Up to 50% of the Sum Insured

Divorce or dissolution of civil partnership

Up to 50% of the Sum Insured

Mortgage increase

The lower of:

- 50% of the Sum Insured

- The increase of the mortgage amount

Other details:

Mortgage Extension

The Person Insured can extend the policy’s term or, replace it with a new cover, if:

The new policy can be issued if:

The maximum age of the Person Insured at the time of the extension is 54. Premiums will also increase to reflect the increase in sum insured.

Critical Illness Cover

This pays a specified amount (usually the same as the sum insured) in the event the Person Insured is diagnosed with a covered critical illness. The critical illness must also be included in the list of covered critical illnesses and must meet the definitions provided in the policy. The critical illness cover automatically includes children’s critical illness.

The Critical Illness Cover will pay the full benefit amount if the Person Insured is diagnosed with:

Partial payments (the lower between £25,000 and 25% of the critical illness cover amount) will be made for diagnosis of prostate cancer or if the Person Insured undergoes Coronary artery angioplasty.

Partial payments (the lower between £12,500 and 12.5% of the critical illness cover amount) will be made for diagnosis of:

Payment of these partial benefits will not affect the full amount of cover. This means you can still claim for a “major” critical illness included in the list. If a critical illness meets both the definition of a full payment and a partial payment, the policy will pay only for the full payment.

Other cover details:

Premium Protection/Waiver of Premium

This pays for the life insurance premiums in the event that the Person Insured cannot earn an income due to sickness or accident.  

Definition of disablement:

Separation Option

This is for mortgage life insurance policies covering two people (i.e. spouses who have entered into a mortgage together). In the event that the two spouses file a divorce or dissolution of a civil union, the existing policy can be replaced with a new policy.

Other details:

Buyback Life Cover Option

For life with critical illness, single life cover, the policy ends once a full claim for critical illness is paid. However, with this option, the Person Insured can take out a new Life Insurance policy after a year a critical illness claim is paid. The life insurance policy is issued without the Person Insured providing additional medical information. This option is added at the time of the policy application. Once the policy is issued, it can no longer be added.

Exclusions

The cover may not pay a death/terminal illness claim:

The cover may not pay a critical illness claim:

How to Make a Claim

For death claims, the money will go:

For joint life cover where the two Persons Insured dies at the same time, only one benefit will be paid. The older Person Insured is assumed to have died first.

For terminal illness claims, the money will go:

When making a death claim, LV= will usually require the following:

When making a terminal illness claim, LV= will usually require the following:

LV= will cover reasonable costs of medical reports and other evidence they requested.

When evaluating a medical claim where diagnosis by a doctor is required, the doctor should be one that is practicing in the following countries: These countries are: Australia, Austria, Belgium, Bulgaria, Canada, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK or USA.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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