LV= life insurance, from Liverpool Victoria, is a term policy that pays one lump sum if you die within the term, with critical illness cover available as a separate combined plan. This page reports what LV='s own policy summaries, conditions and web pages (read 20 October 2026) say about cover, limits, claims and extras. It gives no price and no verdict.

To have a broker go through how insurers might treat your age, health and amount of cover, use the quote form here: an FCA-authorised broker will phone you back, at no charge.

What does LV= life insurance pay out for, and when won't it pay?

LV='s Life Protection policy summary (print code 49029-2020 04/26) says the policyholder receives a lump sum on the death of the person insured, or on a terminal illness diagnosis, at any point between the start and end dates. It pays once: a terminal illness payment means nothing further is paid on death.

LV= defines terminal illness as an incurable illness where its chief medical officer and your own specialists agree you are unlikely to survive beyond 12 months from diagnosis. If that describes you or someone close to you, Marie Curie's support line is 0800 090 2309.

The summary also sets out when there is no payment:

  • Suicide in the first 12 months. LV= says it "won’t pay a death claim, but we will cancel the policy and refund the premiums you’ve paid so far". If you are struggling, Samaritans is free to call on 116 123.
  • A terminal illness diagnosed abroad, unless a doctor in one of the places listed in the policy conditions confirms it.
  • Anything after the end date. The cover builds up no cash value, so if premiums stop, the cover ends and nothing is returned.
  • A mistake on the application, which can lead to a claim being refused or reduced; see when an insurer can refuse to pay.

A joint policy covers two people, but once LV= pays for one of them it ends and the survivor has no cover left under it. Joint or individual cover sets out that choice.

How old can you be, and which type of LV= cover can you choose?

LV='s life insurance web page gives the headline: UK residents aged 17 to 84, a term of 5 to 50 years, and an end date before your 90th birthday. The summary splits this by cover type. The oldest starting age is 79 for inflation-linked cover and 84 for level or decreasing cover, and inflation-linked cover can run only until age 85.

Level cover keeps the amount and the premium fixed. Inflation-linked cover rises each year with the Retail Prices Index, while the premium rises by inflation multiplied by 1.5. Decreasing cover falls each month while the premium stays the same, and LV= says it is meant for a capital and interest (repayment) mortgage, not an interest-only one. The conditions add mortgage tests: among them, the loan must start no later than three months after the policy and run for the same length, and a claim may be reduced if the mortgage has already been repaid, or increased or extended without the policy being updated. Decreasing term cover and mortgage life insurance explain the idea in general.

On price, LV= lists the factors: your age, the amount and length of cover, and your health, including smoking. Once the policy starts, the premium is fixed unless you chose inflation-linked cover, and the conditions say LV= "can’t change how much we charge just because you’ve made a claim, or your health changes while your policy is still active".

How does LV='s Life and Critical Illness policy work?

Critical illness cover comes as a combined Life and Critical Illness policy. Its summary (print code 49027-2022 04/26) says it pays on death or, if earlier, on diagnosis of a listed critical illness, provided "you live for 14 days or more after your diagnosis or operation". The main terms:

  • A full payment condition normally pays the whole amount of cover. An additional payment condition pays the lower of 25% of cover or £30,000, and the policy carries on afterwards.
  • The list is only a guide: some cancers are excluded and some illnesses need permanent symptoms. The full definitions in the policy conditions are where a particular illness should be checked (see critical illness cover).
  • For nine of the full payment conditions, an accident as the direct cause adds 50% on top, capped at £200,000.
  • Children's cover is optional and costs extra. A claim pays the lower of 50% of your cover or £35,000.
  • You can apply aged 17 to 59 for inflation-linked cover, or to 64 for level or decreasing cover. The policy must end before age 70 (inflation-linked) or 80 (level or decreasing).
  • It does not pay for being unable to work, redundancy or unemployment.

How those terms would be priced for your health, and how LV= stacks up against other insurers on the same details, is something a broker can find out; ask for a call through the form, which costs nothing.

What happens when you apply, and once the policy is running?

The online application asks about health, lifestyle, employment and finances, and some policies need a health check. The life insurance page is plain about the standard: "You must answer all questions accurately and honestly". LV= may ask your GP for a report, though not always; agreeing to that is part of completing the online application, and you can see the report before it is sent. Life insurance with medical conditions explains how health answers tend to be used.

The price in your quote can change if your circumstances change or the start date moves, and LV= says it will tell you before the policy starts. Payment is by monthly direct debit only. If a payment is missed, LV= allows 60 days from the due date to catch up before cancelling. You can cancel whenever you like: within 30 days of the start you get your premiums back, and after that nothing is refunded. What happens if you cancel covers the wider picture.

Guaranteed increase options let you add cover within three months of events such as a mortgage or rent rise, a salary rise, marriage, divorce or a new child, without more health questions, if the person insured is 54 or under. Each increase is capped at £150,000 and at 50% of the cover shown in your schedule.

The web page also lists free access to LV= Doctor Services and a Legal Advice Line among LV='s membership benefits. It advertises e-Gift cards worth up to £400 for online applications made from 17 August 2026, paid only after the sixth monthly premium arrives in full and on time; applications by phone through LifeSearch, through an adviser or through comparison sites do not qualify, and there is no cash alternative.

Who receives the money, and can the policy be written in trust?

The summary says LV= pays the policy owner once a claim is approved. If the owner has died, it pays the executor, or the court-appointed administrator where there was no will; with two owners it pays the survivor; a policy in trust pays the trustees, and an assigned policy pays whoever it was assigned to. Without a trust, a death payout normally goes to the estate. LV= needs the original death certificate before paying.

LV='s trusts page offers fixed, flexible and split trusts, not discretionary ones. It also spells out the trade-off: a policy written in trust cannot be taken back out, but the money is paid without waiting for probate; it suggests a solicitor if you are unsure. Putting a policy in trust and what a life insurance trust is explain the general process.

On tax, the conditions (print code 48926-2026 03/26) say income tax and capital gains tax "don’t currently apply to claims paid from this policy, but inheritance tax might", and that a policy in trust "will not normally be included in your estate". That is LV='s reading of rules that can change; whether a payout is taxable goes further.

What claims figures does LV= publish, and who is the insurer?

LV='s claims infographic, A look back at our 2025 claims (print code 49891-2026 07/26), says 98% of life insurance claims were paid in 2025, with over £80m paid to over 5,500 families. Those figures combine Life Insurance, Family Income Benefit, Terminal Illness and whole of life products, including some guaranteed over-50s plans, and LV= no longer sells whole of life. For critical illness it reports 90% of claims paid and almost £33m paid to 444 people and families. LV= also says: "Once we've made our final decision, we aim to pay a claim within 3 days".

These are LV='s own counts; market-wide figures are in life insurance claims statistics. Claims start on 0800 756 5869 or healthclaims@LV.com. For a terminal illness claim LV= asks for a report from the treating doctor and accepts that you may not be well enough to do everything quickly. Trustpilot and Defaqto ratings change over time, so read them there. The pages on Legal & General, Aviva, Royal London, Canada Life and Beagle Street set out each firm's own terms, and insurers compared brings them together.

The insurer is Liverpool Victoria Financial Services Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA (register number 110035). LV='s members page calls it a mutual, run for the benefit of its members. Complaints go to LV= first; the Financial Ombudsman Service may then help if you contact it within six months of LV='s final response letter, and if LV= could not pay, the Financial Services Compensation Scheme covers 100% of the claim for this type of policy.

If you would like these terms set against your own age, health and cover amount, leave your details on the form and a broker will ring you to talk it through.

Frequently asked questions

Can I still buy LV= whole of life cover?

No. LV= says its whole of life products are no longer available, so a new LV= policy would be a term policy. Existing over-50s holders are covered in LV= over 50 life insurance.

Where are the terms for an older LV= policy?

The documents on this page are LV='s current ones, dated by their print codes. An existing policy is governed by the schedule and conditions issued with it, so check those first.

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