Life insurance from LV=
That's one less thing to worry about
Protect the ones you love with Life Insurance
Knowing your family are financially protected should the worst happen can give you the reassurance you need to concentrate on the people who matter most.
And with cover starting at just £5 per month (or £7 if claiming cashback), peace of mind may be a lot easier to achieve than a peaceful home.
TopCashback Limited is an introducer appointed representative of Liverpool Victoria Financial Advice Services Limited for life insurance products.
Your cashback frequently asked questions:
- To be eligible your application must be completed online via TopCashback.
- You can track your cashback via the TopCashback app and online.
- Once you have paid 6 monthly payments in 6 consecutive months your cashback will be processed by TopCashback.
- For queries regarding cashback, please refer to TopCashback directly.
Here’s what you need to know about our Life Insurance
Why choose LV=
- Cover starting at just £5 per month (or £7 if claiming cashback)
- Quick and easy application
- Free access to LV= Doctor Services
- Terminal illness cover included at no extra cost
- 97% of claims were paid in 2023. These figures include claims paid for Life Insurance, Terminal illness and our Whole of Life products (including some guaranteed over 50’s whole of life products)
- Once we've made our final decision, we aim to pay claims within 3 days
What is life insurance?
Life insurance pays out a sum of money to your family should the worst happen, and you pass away.
There are different types of life insurance, so it’s important you choose the right cover for you.
You might decide you need life insurance to cover any debts you have, ensuring your loved ones have some money to repay them if you die.
Alternatively, you might be looking for life insurance to provide money to support your family in other ways if the worst should happen, such as paying for school fees, or to help meet the costs of further education.
How does life insurance work?
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=.
When arranging life insurance, you should consider the amount of cover you need and the length of time you wish to have it for.
You can also take out Critical Illness cover with your life insurance, which 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.
Life Insurance cover inclusions
Our Life Insurance:
- Pays out a cash lump sum if you die within the plan term.
- Gives you the flexibility to choose the amount of cover you need, from the different types of life insurance, and for how long.
- Guarantees your premiums won't change in the future unless you change your cover.
- Gives you access to LV= Doctor Services, a Legal Advice Line and other member benefits at no extra cost.
- May allow you to increase your cover after specific life events, without the need for medical evidence.
- Cost depends on your personal circumstances such as your age and whether you smoke.
- Covers you if you are diagnosed with a terminal illness and have less than 12 months to live.
Our Life Insurance won't pay out:
- If you take your own life within the first year of the policy, your loved ones won’t receive the death benefit.
- If you deliberately provide false or inaccurate information when you apply for the policy, make a claim, or apply to re-start a lapsed policy.
- If you are involved in or commit financial crime.
- If you pass away after the policy’s end date.
- If you are diagnosed with a terminal illness, and your life expectancy is greater than 12 months.
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.
TopCashback Terms and Conditions
- Cashback is only available on policies purchased through this website. It is not available for purchases made by telephone or post.
- LV= may not give cashback where we determine, or reasonably believe the terms of the cashback offer are being abused in any way. We may also not give cashback for anyone who has previously held an LV= Life Insurance, or similar policy with us, and cancelled it, or had it cancelled by us. We reserve the rights to reclaim any cashback given in such circumstances.
- Cashback is paid once we have collected six consecutive months’ premiums and we have validated your application. We allow up to 2 months for validation so it can take up to 8 months from when you submit your application until you receive your cashback payment.
- If you cancel your policy within six months your cashback will not be paid.
- Your cashback will be paid directly through the affiliate website you have bought your LV= Life Insurance through. If you have any queries about your cashback, please contact your cashback site, not LV=.
- This offer may be withdrawn or amended at any time.
TYPES OF COVER
The different types of life insurance
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, usually for the remaining term of your capital and interest repayment mortgage (between 5-50 years, and 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
- 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
- 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.
Important information
Here's what you need to know about life insurance, so you have the full picture
- 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.