LV= Life Insurance | ActiveQuote
Based on the premise of “helping you look after what you love”, LV=’s life insurance is broken down rather simply. With capacity for single or joint life cover, LV=’s life insurance policy is suited for both individuals and couples. Here, we break down LV= life insurance, its benefits, features and details in a comprehensive overview.
Types of LV= Life Insurance
LV= offers three distinct types of life insurance: Ø Level cover life insurance Ø Inflation-linked life insurance Ø Decreasing life insurance To be eligible, a party must be a UK resident between the ages of 17 and 79. Policies must end before a party’s 85th birthday, with policy lengths running between 5 and 45 years. For inflation-linked life insurance, though, the eligible ages are between 17 and 59. The minimum premium is £5 per month, with no maximum cap.
LV= Level Cover Life Insurance
In simple terms, level cover life insurance translates to the amount of cover and the premium paid is fixed at the start of a policy and remains the same. However, this cover will not keep up with inflation. Level cover insurance pays out a lump sum should you die during the policy term. By ensuring the cover amount and premiums stay the same, this is a good option for those who appreciate certainty. However, by not keeping up with inflation, level cover provides less value than its counterparts, as well as being more expensive in the long haul. Bundled in with all of LV=’s life insurance is the choice of either single or joint-life cover. Single cover insures the insured party only and nobody else. A joint plan covers two parties, usually a couple, for the same amount of cover and time.
LV= Inflation-linked Life Insurance
The only difference of this LV+ insurance policy is that an insured party’s cover will go up each year with inflation. The premiums, too, will also increase with inflation multiplied by 1.5. While the premiums are higher for this option, it does offer a better value for money.
LV= Decreasing Life Insurance
Under decreasing life insurance, the cover reduces each year. This option is suited to mortgages and rarely other loans, meaning the decrease will fall in line with the amount of the repayment owed. This option provides a lump sum that is directly in-line with a party’s debt, while the premium remains the same. Decreasing life insurance, though, can bring forward some stumbling blocks if the interest on your mortgage or loan changes, or if the loan is cancelled altogether. With fluctuating interest rates, too, it can lead to the money being paid more or less than what a party owes on a mortgage or loan.
Other Types of Benefit
All LV= life insurance customers receive access to LV= doctor services which is an app that boasts a variety of medical services, including remote physiotherapy, psychological services and remote GP access. Terminal illness cover is also included at no extra cost, which cannot be claimed in the last 12 months of the plan.
LV= Life Insurance Review and Results
LV=’s 2018 results are as follows:
- 94.6% of all life insurance claims
- Total of £32.6m in pay-outs.