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Life Insurance

Life insurance from £5 a month – that’s one less thing to worry about

Get a Life Insurance quoteExisting customers

What is life insurance?

Life insurance explained

Life insurance pays out a sum of money to your family should the worst happen, and you pass away.

With the uncertainty around the cost of living, it’s important you keep your loved ones’ futures protected.

There are different types of life insurance, so it’s important you choose the right cover for you.

Your life insurance policy may need to cover any money you owe, such as a mortgage. You may also want it to cover your children going into further education or be certain they’ll always have a place they can call home. 

Life Insurance from LV=

  • Cover starts from as little as £5 per month
  • Free access to LV= Doctor Services & Legal Advice Line and other member benefits
  • Terminal illness cover included at no extra cost
  • Get a quote in under 5 minutes

Claim up to £250 gift vouchers

Get up to £250 worth of eGift vouchers when you take out LV= Life Insurance

 

We’re offering up to £250* worth of eGift vouchers when you take out a policy by 29th November 2024, and then pay at least six monthly premiums. 

Terms and conditions apply

*Amount varies depending on the premium you pay. See T&C's for full details

 

More about Life Insurance

How does life insurance work?

When arranging life insurance, you should consider the amount of cover you need and the length of time you wish to have it for.

Our life cover pays out a cash lump sum if you pass away during the policy term. Over this period, you’ll pay monthly premiums to LV=.  

You can also take out Critical Illness cover with your life insurance, which then means a cash lump sum is paid to you if you die or are diagnosed with one of the listed critical illnesses during the term of the policy.

Our life cover is designed for protection purposes only and has no cash-in or surrender value. If you stop paying your premiums the cover ends, and you get nothing back.

Do I need life insurance?

Everyone's circumstances are different and not everyone needs life insurance. 

However, if your children, partner or other relatives depend on your income to cover costs such as a mortgage, household bills or other living expenses, the answer is probably 'yes', as it will help provide for your family in the event of your death.

To find out more take a look at our guide on what life insurance is and how it works.

Protect the ones you love with life insurance from LV=

Cover from just £5 per month

Knowing your family are financially protected, should the worst happen to you, can give you the reassurance you need to concentrate on the people who matter the most.

With our cover starting at just £5 per month, peace of mind may be a lot easier to achieve than a peaceful home.

Get a Life Insurance quote

Life Insurance cover inclusions

Here’s what you need to know

Our Life Insurance will

  • Pay out a cash lump sum if you die within the plan term.
  • Give you the flexibility to choose the amount of cover you need, from the different types of life insurance, and for how long.
  • Guarantee your premiums won't change in the future unless you change your cover.
  • Give you access to LV= Doctor Services, a Legal Advice Line and other member benefits at no extra cost.
  • Allow you to increase your cover after specific life events, within certain limits without the need for medical evidence.
  • Vary in cost depending on your personal circumstances such as your age and whether you smoke.
  • Cover you if you’re diagnosed with a terminal illness and have less than 12 months to live.

Our Life Insurance won't

Paper with exclusion icon
  • Pay out the full amount of cover If you take your own life within the first year of the policy. Instead we will just refund the premiums you’ve paid.
  • Cover you if you deliberately provide false or inaccurate information, or don’t tell us about something we ask about when you apply for the policy, make a claim, or apply to re-start a lapsed policy.
  • Cover you if you are involved in, or commit financial crime.
  • Pay out If you pass away after the policy’s end date.
  • Pay out for a terminal illness claim If your life expectancy is more than 12 months after diagnosis.

Reasons to choose LV= life insurance

Why choose LV=

Offer Terms and Conditions

If you apply for our Life Insurance or Life & Critical Illness Plan online on or before 29 November 2024 and we accept your application, you may be eligible to receive an e-Gift card up to the value of £250* after we receive payment of your 6th monthly premium. This can be redeemed against over 100 of the biggest brands. 

*The value of the e-Gift card will depend on the monthly premium of the policy purchased. If your premium changes after your application has been submitted then your e-Gift card will be based on your new premium.

Monthly Premium eGift Voucher
 £5 - £9.99  £30 
 £10 - £19.99 £50 
 £20 - £29.99 £100 
 £30 - £49.99 £180 
 £50+ £250 

The following terms and conditions will apply to this promotion: 

  • The e-Gift card offer is only available to customers who apply for our Life Insurance or Life & Critical Illness Plan online directly from www.lv.com on or before 29 November 2024. If you 
    apply by telephone via LifeSearch, via a Financial Adviser, or via any of our other online affiliate partners / comparison websites, you will not be eligible to receive an e-Gift card.
  • This offer is not available to cashback customers. Cashback customers are customers who receive a cash sum when they buy a LV=product via an LV= partner affiliate website. 
  • If we decline or cancel your policy application then you won’t be eligible for this promotion. 
  • The offer is only available to customers who have paid their 6th monthly premium in full on the date it is due. Customers will not be eligible for an e-Gift card if a monthly payment is not paid in full on the date it is due. 
  • If you have previously cancelled an LV= Life Insurance and/or LV= Life Insurance & Critical Illness plan you will not qualify for this offer.
  • If you are eligible to receive an e-Gift card, we will aim to send the e-Gift card via email within 28 days of us receiving your 6th monthly premium. Please allow time for delivery. We cannot send e-Gift cards via post so a valid email address will be required.
  • The e-Gift card will be sent from Edenred however we may change the incentive provider but we will not change the monetary value of the offer. 
  • There will be a selection of e-Gift cards available to choose from using an online portal, each e-Gift card will be subject to their own terms and conditions and we reserve the right to amend the selection at any time.
  • We may refuse entry into this promotion at our reasonable discretion. 
  • We may cancel any e-Gift cards should we discover or have a reasonable suspicion that the terms of the offer are being abused. 
  • This offer is available up to and including 29 November 2024. 
  • One e-Gift card per policy sold, limited to two per household in a 12 month period. In the case of a joint policy, the e-Gift card will be sent to the first named policy holder.
  • No cash alternative will be offered and the e-Gift vouchers are non-refundable and non-transferable. 
  • All terms and conditions also apply to partners, family and friends applying for this offer.
  • We have the right to change these terms and conditions or withdraw this offer at any time. 
  • These terms and conditions are separate from your policy conditions which apply to your Life/ Life & Critical Illness Plan.
  • Entry into this promotion will be deemed to be your acceptance of these terms and conditions.

Simplifying the process of applying for life insurance

The insurance industry has made great headway in improving access to insurance for individuals with pre-existing mental health conditions. It is as positive sign that the majority of people who disclose a mental health condition are able to find affordable insurance cover. At LV= we aim to make the process of applying for life insurance as simple as possible.

Find out more about how our application process works.

The different types of life insurance

Types of cover

Not sure what type of life insurance you need? We cover the key points below to help you understand what the right cover looks like for you.  At LV=, we offer two types of term life insurance; Level Cover and Decreasing Cover, and we’re able to offer these as single or joint policies.

Level or Decreasing cover?

Level and Decreasing cover explained

Level cover life insurance

Reasons for choosing ‘level cover’

  • Level cover means that your cover amount and premiums are fixed for the term.
  • This type of cover will pay out a lump sum should you die during the term of the policy, meaning you can leave money to your dependents or family or pay off any debts such as your mortgage.
  • The amount of cover you can have is up to you – and you can choose how long it lasts (from 5-50 years, as long as it ends before you’re 90).

Reasons for not choosing ‘level cover’

  • Level cover can be more expensive than decreasing cover.
  • It will be worth less in the future as it doesn’t keep up with inflation.

Decreasing cover life insurance

Reasons for choosing ‘decreasing cover’

  • With decreasing cover, the total amount of money you are covered for reduces every year. 
  • It’s designed to cover reducing amounts owed on capital and interest repayment mortgages.
  • Premium remains the same throughout your policy.
  • Decreasing cover is usual cheaper than level cover.
  • The amount of starting cover you can have is up to you – and you can choose how long it lasts (from 5-50 years, as long as it ends before you’re 90).

Reasons for not choosing ‘decreasing cover’

  • This product may not be suitable if you are planning to make over/under payments on your mortgage during the term.
  • It will not be suitable if you are using it to cover  an interest-only mortgage.
  • The amount of money paid out may be more or less than the amount you owe on your mortgage or loan (dependent on when you die and/or interest rates).

SINGLE OR JOINT COVER

Single and joint life cover explained

Single life cover

person in front of a heart
  • Single life cover covers you as an individual only. 
  • Money is paid out if a claim is made during the plan’s term.  
  • Single life cover plans can be taken out as a couple if you take out a plan separately. A claim made on one of your policies won’t affect the other person’s cover.
  • This differs from a joint life policy where it only pays out once when the first person claims on the policy. This means that the other person on the joint policy is no longer covered as the plan will end. 

Joint life cover

couple surrounded by a heart
  • Joint life cover provides the same amount of cover across the same length of term for both people on the policy.
  • The plan will pay out on the first claim made and will end at this time. This means that the other person on the policy is no longer covered.
  • Joint life insurance usually costs less than two individual single life cover plans.

Children's critical illness cover

Optional extra

For ultimate peace of mind if you are planning on starting a family or already have children

Our children’s critical illness cover is an option to add on to your life with critical Illness policy at an additional cost.

 

AMOUNT OF COVER

How much cover do you need?

Once you've decided the type of life insurance that best suits you, the following considerations can help you think carefully about how much cover you need

Consider your mortgage

Property is usually one of the biggest and most important investments you make in your life, so you want to make sure it’s protected should the worst happen. Having a life insurance policy in place provides you with the reassurance you need to know your family won’t have this financial burden and will stay in the home they know and love. 

Consider household expenses and savings

Regular household costs can add up. Should the worst happen, and you pass away, you’ll want to know that your partner or loved ones will be able to take care of the bills. Consider what savings you have and how long your loved ones could go without your income.

Consider the cost of childcare and future education

Childcare and further education – these can be some of the biggest expenses for families. By taking out a life insurance policy, you can protect their aspirations, well into the future.

Important information

Here's what you need to know about life insurance, so you have the full picture

Photo frame, stack of paper, computer, pen and notebook
  • Available to UK residents aged 17 to 84
  • You can choose the length to run between 5-50 years, but the policy must end before your 90th birthday
  • If you die, we'll normally pay the lump sum to your estate. Inheritance tax could apply to the part that's worth over £325,000 (tax years 2023/24 to 2027/28)
  • We won’t pay a claim if you die as a result of intentionally taking your own life within the first 12 months of your policy
  • If you stop paying your premiums, you won't get any money back and your cover may stop
  • As part of your life insurance application, we may need to contact your doctor for a medical report
    You don’t have to give your consent to us obtaining a medical report if we need to, but you won’t be able to complete the online application without agreeing to this. It’s still your responsibility to answer all the questions accurately and honestly in your application. If you don’t, we might not pay a claim and could cancel your policy
  • Increase options are available after marriage/civil partnership, divorce, the birth of a child or mortgage increase. Sometimes we won't be able to offer you increase options, subject to guidelines within your policy conditions.

Make sure you read the policy summary so you understand what you're buying...

The information on this page shouldn't be taken as advice, It's up to you to decide if it's right for you and you should speak to a financial adviser if you're not sure.

Financial Advice

Need advice?

We've chosen to partner with LifeSearch to offer you independent advice on which protection products are right for you.

Mon to Thu - 8am - 8pm     Fri 8am - 6pm

For Text Phone first dial 18001

Calls will be recorded and/or monitored for training and audit purposes.

Find out more about getting advice

Life insurance FAQs

You've got questions, we've got answers

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