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Broker help for Frizells Insurance - LIVERPOOL VICTORIA Life Insurance Cover

 Article on:  LV= FRIZZELL  LIFE INSURANCE COVER ~ Broker Help

Frizzell Insurance

FRIZZELL INSURANCE

Frizzell Insurance was set up as a Uk family business in 1923 and served the members of associations, Civil Service, Local Government and unions during its existence.

In 1992, the Frizzel family sold the entire Frizell Financial Services group to Marsh McLennan, the US insurance broker and investment manager for about £107 million. 

In 1996, the Bournemouth-Poole based financial services company Frizzell was then acquired by the Liverpool Victoria LV= group of companies.

Founded in 1843, LV= was one of the UK's largest friendly society. LV= then moved its main Liverpool LV= head office down south in the 90's to then occupy the former Frizzell main offices just outside Westbourne, on the County Gates Gyratory.   

In 2015 Colin Frizzell former CEO of Frizzell Insurance sadly died.

In 2021 Frizzell Uk Insurance is now well absorbed into Liverpool Victoria LV= who continue to offer a broad range of products and services including; decreasing (mortgage protection) or level term assurance, Life with Critical Illness, Children's Critical Illness, Income Protection and Un-Employment cover. 

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FRIZZELL LV= LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Frizzell LV= life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via LV=

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the Frizzell LV= policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

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Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Frizzell LV= Liverpool Victoria Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out my Frizzell Life Insurance - Do I need to now tell them ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

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