LV, formerly known as Liverpool Victoria, was founded in 1843.
Since individuals can experience various illnesses, including cancer and Alzheimer’s, it is prudent to consider insurance that covers critical illnesses in addition to death.
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LV, formerly known as Liverpool Victoria, was founded in 1843. It is now one of the largest friendly societies in the UK, with more than 1 million members. The company offers a variety of products, ranging from pet and travel insurance services to home and small business insurance products.
Regarding its life insurance segment, the most common offering is a standard life cover. However, LV provides a range of life insurance options. Customers can choose from policies such as critical illness cover, mortgage payment protection, mortgage life insurance, income protection, over 50s insurance, and even will writing services.
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This type of policy provides a payout if the insured person dies or is diagnosed with a terminal illness during the policy term. If the payout is due to a terminal illness, it will be 3% less than the payout for death. Another characteristic of this policy is that it has no cash-in value.
Premiums for this insurance start from just £5 a month, with no upper limit. Furthermore, individuals can insure themselves and their life partners under a single policy, known as joint life insurance.
Policyholders can also decide whether they want their cover amount to remain constant throughout the policy duration (known as level cover) or to decrease steadily over time (decreasing cover). Decreasing cover is often chosen when the insurance is primarily intended to protect against loans and other financial obligations. For both level and decreasing cover, the premiums remain constant throughout the insurance term.
Since individuals can experience various illnesses, including cancer and Alzheimer’s, it is prudent to consider insurance that covers critical illnesses in addition to death. LV offers payouts upon diagnosis of one of 48 covered illnesses, or a partial payout for one of 7 specified less severe illnesses. In the event of a partial payout, the critical illness cover remains active, providing continued protection.
There are three types of life insurance with critical illness cover to choose from: level, decreasing, or inflation-linked. Level cover maintains a consistent sum assured throughout the policy term. Decreasing cover reduces the cover amount steadily over the policy duration. Inflation-linked insurance is designed to increase the sum assured each year in line with the Retail Price Index, ensuring the real value of the cover is maintained over time.
Child critical illness cover is automatically included in the policy. A premium waiver benefit can also be added for an additional cost. Joint policies are also available.
We compare plans from the leading life insurance providers
LV also offers over 50s life insurance policies. The eligibility requirements for this type of insurance are straightforward: applicants must be between 50 and 80 years old and residents of the UK. There are no medical questions or health check-ups, making it an attractive option for individuals who may not qualify for other life insurance types or who might face high premiums.
However, the cover amount for this policy is typically smaller. The maximum sum assured is £25,000. A funeral benefit can be added, increasing the cover by 10%. Premiums range from £5 to £50 per month. Furthermore, policyholders who reach their 90th birthday no longer need to pay premiums, but the policy coverage continues.
This policy type protects individuals against the inability to meet their financial debt payments. If a policyholder becomes unable to work due to illness or injury, LV will cover their monthly mortgage obligations until they are able to return to work.
Unemployment cover can also be added as a benefit. If the policyholder becomes unemployed, LV will provide benefits for a maximum of 12 months per claim, with a total claim limit of 36 months over the policy’s duration.
This policy type provides payouts if the policyholder becomes unable to work due to illness or injury. The maximum benefit period per claim is 24 months. If the policyholder remains unable to work after this period, they will need to find alternative sources of income.
Policyholders can choose between two options: level cover or inflation-linked cover. Level cover provides a fixed benefit amount. Inflation-linked policies increase the benefit amount annually in line with the Retail Price Index.
Defaqto ratings are an independent assessment of financial products, helping consumers understand the quality of different offerings. A 5-star rating indicates an excellent product with a comprehensive range of features and benefits, while lower ratings suggest fewer features compared to top-rated products. These ratings are designed to simplify complex product information.
As of March 7, 2025, LV= has secured strong Defaqto ratings across several key life insurance categories. Notably, LV= received 5-star ratings for Income Protection, Life Assurance (both decreasing and level term), and Critical Illness Cover (both decreasing and level term). However, some direct products and menu plans received lower ratings.
Compared to major competitors, LV= generally holds its own. For example:
For consumers, these ratings suggest LV= provides excellent standalone life insurance and income protection policies. The 5-star ratings across core products signal comprehensive cover and strong features. However, those seeking flexible menu plans might find LV=’s 1-star rating less competitive compared to alternatives from Aviva, Legal & General, Zurich or Guardian.
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (decreasing) | Life And Critical Illness Cover | 3 |
| Critical illness (decreasing) | Life And Enhanced CI With Enhanced Childrens CI | 5 |
| Critical illness (decreasing) | Life And Enhanced Critical Illness | 5 |
| Critical illness (level term) | Life And Critical Illness Cover | 3 |
| Critical illness (level term) | Life And Enhanced CI With Enhanced Childrens CI | 5 |
| Critical illness (level term) | Life And Enhanced Critical Illness | 5 |
| Critical illness (direct with life cover) | Life And Critical Illness Cover | 4 |
| Critical illness (direct with life cover) | Life And Enhanced CI With Enhanced Childrens CI | 4 |
| Critical illness (direct with life cover) | Life And Enhanced Critical Illness | 4 |
| Income protection | Flexible Protection Plan (Mortgage And Rent Cover) | 3 |
| Income protection | Personal Sick Pay | 4 |
| Income protection | Personal Sick Pay - Budget | 4 |
| Income protection | Flexible Protection Plan | 5 |
| Income protection | Flexible Protection Plan - Budget | 5 |
| Life assurance (direct) | Life Protection | 3 |
| Life assurance (direct) | Life And Critical Illness Cover | 4 |
| Life assurance (direct) | Life And Enhanced CI With Enhanced Childrens CI | 4 |
| Life assurance (direct) | Life And Enhanced Critical Illness | 4 |
| Life assurance (decreasing) | Life And Critical Illness Cover | 3 |
| Life assurance (decreasing) | Life Protection | 3 |
| Life assurance (decreasing) | Life And Enhanced CI With Enhanced Childrens CI | 5 |
| Life assurance (decreasing) | Life And Enhanced Critical Illness | 5 |
| Life assurance (level term) | Life And Critical Illness Cover | 3 |
| Life assurance (level term) | Life Protection | 3 |
| Life assurance (level term) | Life And Enhanced CI With Enhanced Childrens CI | 5 |
| Life assurance (level term) | Life And Enhanced Critical Illness | 5 |
