Frequently Asked Questions

It offers guaranteed life insurance for UK residents (excluding Isle of Man and Channel Islands) aged 50 to 80 at the start of the plan. You pay a monthly amount and after the first year it guarantees to pay a cash lump sum when you die, providing you keep up your premiums. There is no cash in value at any time.

After the first year the full level of cover will be paid whatever the cause of death.  In the first year the plan will only pay out the full level of cover if you die as a result of an accident subject to the conditions outlined in the Policy Conditions.  These are also listed in the 'Policy Limitations' section in the Policy Summary. Death must occur within 90 days of the accident. If it is not an accident or death occurs later than 90 days then all premiums paid will be returned, without interest.

It depends on your age, your sex and the level of the premium you select. When your plan begins your cover will stay fixed, so you know how much will be paid out right from the start. However, as your cover is fixed, you should remember that inflation will reduce the buying power of the level of cover you choose.  

Depending on how long you live, the total amount of premiums may amount to more than the cash sum payable on death. Normally, the lump sum we pay out when you die will go into your estate. Inheritance Tax could apply to the part of your estate that is worth more than £312,000 (correct for 2008/09 tax year). See the Policy Summary for more details.

When you receive your plan documents you will also receive a notice reminding you of your legal right to change your mind. You have the right to cancel your plan within 30 days of receiving the notice. You can do this by completing and returning the cancellation form to us at Liverpool Victoria Life Company Limited, Pynes Hill House, Rydon Lane, Exeter, EX2 5SP.

If you send us your cancellation form within 30 days of receiving it, we will refund any premiums you have paid. You can cancel your plan anytime after this, but there will be no return of premiums paid. There is no cash in value for this plan.

No. LV=  may telephone you if there are any queries with your application or to make sure you have everything you need, but nobody will call at your home.