information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

LV= enhances whole of life cover

Press release: 27/09/2013

Protection specialist LV= has enhanced its whole of life policy, LifeTime+. The changes made to the policy include an increase in the number of guaranteed increase options (GIOs), from seven to ten, and the addition of terminal illness cover.

Under the three new GIOs, clients can now increase the value of their cover without further underwriting if their inheritance tax liability increases as a result of inflation, market movement, or a salary rise. In addition clients can now replace their death in service benefit at the point of retirement.

LV= will pay the terminal illness benefit in advance if a client is not expected to live more than 12 months. However, for those using their whole of life policy as an inheritance tax planning tool their payment can be written in trust, so as not to increase the value of their estate and their tax liability.

LV= provides a choice of paper or online applications. Those advisers whose clients require more than £1m worth of cover will have access to LV=’s experienced large case team and will be allocated a dedicated case handler.

Clients that purchase an LV= whole of life policy automatically qualify for access to LV=’s member benefit services which includes unlimited access to a telephone counseling service, a legal issue helpline and a confidential health and wellbeing advice line. These benefits can be used by the policyholder and their family members as soon as their policy is live.

Mark Jones, LV= Head of Protection, said: “Post-RDR there is a growing demand for holistic financial planning and we have enhanced our whole of life cover in response. Our product can be used by those who want to fund all or part of the tax liability that may be payable on their death, or want protection that will pay out whenever they die. By widening our GIOs advisers can feel confident that their clients and their families will have the right level of cover even if their circumstances change.”

For advisers with clients considering a whole of life policy for tax planning reasons, LV= has launched an estate calculator tool to help them quantify their clients’ inheritance tax liability. The calculator looks at all a client’s assets, including ones that people often forget such as jewellery and their family car, and takes into account their marital status.


About LV=

LV= employs 5700 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth, BH1 2NF

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society (LVFS), and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF. Tel: 01202 292333. 21336936 09/13