Life insurance FAQs
Why have we chosen LV=?
We want our customers to have the best service along with the affordable and straightforward cover they're looking for. For this reason we chose LV= who we believe provide all this and help us offer the range of products our customers want.
What is LV= Life insurance?
LV=Life insurance is a term assurance plan and is designed to pay a lump sum if you die during the period of cover you choose (the term). The maximum cover you can have is £500,000 depending on your age. You could use it to protect a mortgage or other loans. You could also use it to help provide financial security for your dependants.
Do I get any money back if I survive the term?
It does not have a cash-in value and doesn't pay out at the end of the selected term.
Am I eligible for LV=Life insurance?
LV= Life insurance is for permanent UK residents aged 17-69 years of age who are in good health. If you only live here temporarily (for example if you're in the UK on a temporary work or study visa) then you won't be able to apply. This is even if you're intending to apply for permanent residency. If you don't meet these criteria, Standard Life Direct can offer you access to other plans that may suit you better.
50 Plus Plan
Am I eligible for the 50 Plus plan?
You can only apply if you permanently live in the UK and are aged between 50 and 80 years old.
How does the 50 Plus plan work?
The 50 Plus plan offers guaranteed life insurance for UK residents aged 50 to 80 at the start of the plan.
You pay monthly payments and after the first year it will guarantee you a cash lump sum when you die. You need to continue making your payments and should remember there is no cash in value at any time.
Will my health affect whether I can have cover?
You will only be asked for your age and sex and the payment amount you require. There are no health or medical questions to answer.
What cover is provided by the 50 Plus plan?
If you die 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 section "What am I covered for?" in the Policy Summary of the plan sent to the plan owner by LV= at the time of sale.
Death must occur within 90 days of the accident. If it is not an accident or death occurs later than 90 days then all payments made will be returned, without interest.
After the first year
The full level of cover will be paid whatever the cause of death.
How much will the cover pay out?
What it will depend on
It will depend on your age and the level of the payments you select. You will know right from the start how much will be paid out because when your plan begins your cover will stay fixed.
Level of cover
When you're choosing how much cover you will need, remember that inflation means the cost of goods and services, such as funerals, will rise over time but your level of cover is fixed. This means it will buy less in the future.
Cover and your estate
Depending on how long you live, the total amount of payments may amount to more than the cash sum payable on death.
Payment from this plan will normally go to your estate. Inheritance tax could apply to the part of your estate that is currently worth more than £325,000 (tax year 2012/2013).
Tax treatment depends on your personal circumstances. References to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which is subject to change.
What if I change my mind after I have cover?
You can cancel your plan at any time.
Within the first 30 days
If you change your mind within the first 30 days of taking out the plan LV= will refund your payments.
After the first 30 days
If you cancel at any other time, your cover will end and you won't get anything back. Please note the plan has no cash in value at any time.
When will my 50 Plus plan start?
The cover will start as soon as LV= have processed your application. You are covered for the whole of your life so there is no fixed end date on the plan.
What do I need to know about my payments?
You will make payments every month for the cover you have chosen by direct debit until the plan anniversary on or after your 90th birthday. Payment from this plan will normally go to your estate.
What does the person making the claim need to do?
Most people will leave instructions in their will for who will receive the cash payout.
This person will normally be named in the will as the person who will deal with your affairs when you die and is known as the 'executor'. The person may also be your husband, wife or another friend or relative.
When the time comes the person making the claim should contact LV= as soon as they can. You can find details inside the Plan Conditions sent to the plan owner at the time of sale by LV= or visit the LV= website for the best way to contact LV=.
What free gift can I choose?
When taking out a plan you will be able to choose a free gift from LV=. This is either £30 worth of Marks & Spencer vouchers, a DAB Radio, or a Digital Photo Frame.
You should receive your free gift one month after LV= receive your third direct debit payment.
Please select your gift when applying. If you choose the DAB Radio or the Digital Photo Frame, you will receive a voucher to collect your chosen gift from your nearest Argos store.
Please note that these vouchers are not redeemable online. If your chosen gift is not available a similar alternative will be offered. If you choose £30 worth of Marks and Spencer vouchers these will be sent to your home address. LV= reserves the right to change or withdraw this offer at any time.
You will receive your vouchers/vouchers for your chosen gift, one month after LV= receive your third direct debit payment. Offer is limited to one gift per person. LV= reserve the right not to supply a gift to anybody who has already cancelled a 50 Plus plan and/or has had a 50 Plus plan cancelled by LV=. LV= may also not supply a gift where they determine or reasonably suspect that the terms of the free gift offer are being abused in any way.