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Life Insurance with Critical Illness

Our life with critical illness cover can pay a lump sum of money if you die or suffer a critical illness

  • With a total of 63 critical illnesses covered, we’re one of the market leaders
  • Up to £25,000 children’s critical illness cover at no extra cost
  • We pay claims quickly – and you can use your money how you want
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Decreasing term life insurance with critical illness

Decreasing term life insurance with critical illness pays you a lump sum of money if you die or are diagnosed with a specified critical illness, within the term of your policy. The premiums you pay are fixed but the amount of money you’re covered for reduces over the term of your policy.

Our critical illness cover also provides additional payments for less serious conditions which if paid, are not deducted from your total amount of cover.

  • The amount of money you’re covered for is designed to reduce in line with the amount of money you owe on a typical interest repayment mortgage.

Reasons to choose ‘decreasing term cover’

  • If your mortgage or debt decreases over time, this type of cover could be right for you as it provides you with a lump sum of money that also decreases in-line with your debt, if you die or suffer a specified critical illness, within the term of your policy.
  • Decreasing term insurance is usually cheaper than level term life insurance.

Reasons for not choosing ‘decreasing term cover’

  • The amount of money you’re covered for reduces over the term of your policy , in-line with the amount of money you owe on a repayment mortgage, so if you have an interest only mortgage or if you are planning to make under or overpayments this product may not be suitable for you.
  • Depending on when you die, the amount of money paid may be more or less than the amount you owe on your mortgage or loan. There's no guarantee that it will be sufficient to repay your mortgage or loan.
  • This product is not suitable if you’re looking for a savings or investment product to pay you money at the end of your policy term and you haven’t died.

Our life with critical illness application is quick and easy

A customer story

Paul shares his experience with us.

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Children's critical illness cover

Nicola and Jeremy share their story about their son's illness.

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You can also phone

Call our UK-based advisers for more information or a quote:

Green phone

0800 756 8515
Quoting offer code IELO

9am - 5pm Monday to Friday

For existing customers

Green phone

0800 678 1906
8.30am - 6.30pm Monday - Friday

TextDirect first dial 18001

We may record and / or monitor calls for training and audit purposes.

We offer advice on LV= products only.

If you need cover for total permanent disability you will need to call our advisers. This cover is not available if you apply online.

Existing customer?

Understand life cover

We've created lots of useful information to guide you through the process of finding which life insurance product is right for you.

Find out more

Why choose LV=

An insurance provider you can trust established in 1843.

  • 91% of critical illness claims paid in 2015
  • UK's largest friendly society

Policy documents

  • Policy summary
  • Policy conditions

View policy documents

Get advice

Speak to one of our advisers who can make sure you have the right cover for your needs.

Get some advice