LV= Life Insurance policy summary and information
Here's our life insurance policy summary, you can use it to help you decide whether or not our life insurance meets your needs.
This information shouldn't be considered as advice to take out LV= Life Insurance. You should decide if it's right for you and speak to a Financial Adviser if you're not sure.
Life insurance plan documents
Please print or save this document and keep it for future reference.
LV= Life Insurance aims, commitments and risks
Aims
- To pay a one off cash lump sum on death to help pay off a mortgage, or provide a lump sum to ease the financial worries of your family.
- To give you the option to ask us to pay out a reduced cash lump sum instead if you're diagnosed with a terminal illness.
- To insure just yourself, or yourself and someone else.
Your commitment
- Choose the amount of life insurance cover, and the type of cover you need.
- Choose how long you need your life cover for.
- Pay your premiums each month by Direct Debit.
- Answer all the questions when you apply carefully and to the best of your knowledge and belief.
- Tell us if there's any change to the information given when you apply, or to any of the supporting documents provided, between the date your life insurance application was completed, and the date your plan starts.
Risks
- If you don't tell us everything we ask for when you apply, or you don't tell us that the information given has changed before your life insurance plan starts, we may cancel it, or may not pay a claim.
- If you stop paying premiums, your plan will stop after 60 days. This means you won't be covered.
- If you choose level cover, your cover is fixed when your plan starts and doesn't change. This means it won't keep up with the rising cost of living (inflation) and will mean the lump sum we pay out on a life insurance claim may buy less in the future.
- If you've taken this plan out to cover a loan or a mortgage, it's not guaranteed to pay off all of the outstanding balance in the event of a claim.
- If you ask us to pay out your plan early because you've been diagnosed with a terminal illness, we'll reduce the amount of cover we pay out by 3%.
- You don't have to accept this, and you can continue paying your premiums until the end of your plan term. However if you don't die before the end date of your plan, then your cover stops, and you don't get anything back.
- Although you're covered wherever you are in the world, if you ask us to pay out your amount of cover early because you have been diagnosed with a terminal illness, we'll only pay a life insurance claim if that diagnosis has been confirmed by a doctor who practices in one of a certain number of countries.
- If you're diagnosed with a terminal illness in the last 12 months of your plan, we won't pay a terminal illness claim.
- If the Government changes the tax treatment of protection products like the LV= Life Insurance plan, the amount of cover paid out on a claim could change.
Next steps
