September 23, 2022
  • September 23, 2022

LV Life Insurance Review – Forbes Advisor UK

By on April 12, 2022 0

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 auto insurance, investment products, pensions and annuities, and stock releases.

LV’s insurance policies are underwritten by 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 – offers a payment sum that decreases over time as you pay off your commitments (e.g. mortgage debt)
  • Escalating term – provides a payment sum that increases over time to reflect inflation and rising cost of living
  • Level term – providing the same payment amount for the entire term of the policy
  • Family benefits – providing 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 personal situation.

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

Think about how much of your mortgage you would have left to pay, other outstanding debts, and maybe even what you would need to support a child while they go to college.

Our life insurance calculator has just three steps and helps you determine the amount of coverage 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. Generally, premiums are lower for young, healthy people than for older people with health problems.

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

Is LV a good life insurer?

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

About 77% of customers are satisfied with the handling of their claims, putting it last out of 26 life insurers ranked by Fairer Finance.

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

Should I consider LV for life insurance?

Before purchasing life insurance from a provider, it is best to first check whether you have coverage provided elsewhere. For example, some insurers offer death in service coverage. This pays a lump sum to your dependents if you die while employed by the company.

You should, however, check the level of coverage offered by your employer, as you may need a supplemental life insurance policy to ensure 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 provider to provider.