Liverpool Victoria Friendly Society was founded in 1843 & were noted for their Penny Policies.
In 1996 they moved head office from Liverpool to Bournemouth having bought Frizzell. Liverpool Victoria then rebranded to just LV= and today are both one of the UK's largest Friendly Societies & Insurance Companies. The Society does not have any shareholders and, as a mutual organisation, exists wholly for the benefit of its members.
LV then acquired Frizzell Insurance & the former GE Life business. In 2011 they agreed to distribute via CUNA Mutual their term life insurance products. In 2014 LV= took over Teachers Assurance.
In 2020, Allianz took over Liverpool Victoria general insurance and at that stage de-registered as a friendly society. In summer 2020, LV= reportedly were assessing putting themselves up for sale to interested parties like Royal London. Before the end of 2020, LV= agreed to sell the business to Bain Capital.
LV= Life Insurance products are highly competitive in their marketplace with their Menu Protection product offering the opportunity to combine several types of cover via one Provider. Their product range also includes general insurance, mortgages, motoring & healthcare policies and is sold widely via the web, tv, phone, affiliates & brokers.
Looking in 2021 to compare old or new LV= Life Insurance products.
LV LIFE INSURANCE - PRODUCT REVIEW 2020
LV= MORTGAGE PROTECTION
Designed to cover a repayment mortgage on death or terminal illness as it decreases during the plan term.
LV= WHOLE OF LIFE INSURANCE COVER
A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.
LV = LIFE INSURANCE
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term via a lump sum.
LV = FAMILY INCOME BENEFIT
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term via an income.
LV= CRITICAL ILLNESS COVER
Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by LV= Insurance.
LV= INCOME PROTECTION
Providing security by way of an income if you are off sick or have an accident or disability. Policy can be budget or full term.
LV= PERSONAL SICKPAY
An affordbale age costed plan offering an income if you are off sick or have an accident or disability.
LV= OVER 50'S LIFE INSURANCE COVER
A no medical evidence life insurance policy, level or indexed linked, to always payout whenever death may occur perhaps for funeral costs - but only after an initial period.
LV= PPI - ACCIDENT SICKNESS REDUNDANCY
Protect your mortgage payments & bills if off sick, have an accident or lose your job.
LV= BUSINESS PROTECTION
Offering company protection for a key person, loan cover, share protection, an employee dies or is diagnosed with a critical illness.
LV= LIFE INSURANCE - Frequently Asked Broker Questions
Can you make changes to your LV= life insurance policy ?
In terms of changing your life insurance policy, often you can request some of the following via L V Life Insurance:
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 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.
Death Claims, Liverpool Victoria 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 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 LV= 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.
Article on: LV= Life Insurance ~ for more information visit www.lv.com *
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