Important Information and Eligibility
This page contains important information associated with LV= Life Insurance.
'Risks and Important things to know' and 'Suitability and advice' are key sections - please make sure you read them.
In this section:
1) Its aims
2) Your commitment
3) Risks and Important things to know
4) The amount we will receive if you buy this product
5) Your right to cancel
6) Eligibility
7) Lifestyle
8) Medical
9) Suitability and advice
1) It's aims
To pay a one-off lump sum on death.
The plan stops on the payment of the lump sum or the end of the plan term, whichever is sooner.
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2) Your commitment
You agree to:
- Pay regular monthly premiums throughout the plan term.
- Give the information asked for honestly and in full when you apply for your plan and make a claim. If you don't do this, LV= may not pay your claim, could cancel your plan or may not pay out the amount of your cover in full.
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3) Risks and Important things to know
- If you stop paying your premiums your plan ends, nothing is payable and you won't be covered.
- If you cancel your plan, you won't get back any premiums you've paid.
- If you pay premiums to your plan for the full term and make no claim, you won't get back any premiums you've paid. The table below shows the total premiums you would pay over the whole term of your plan. The figures are based on a premium of £5 a month however, should your premium be more or less than this amount, the total cost will be proportionately more or less than the figure provided:
| Term of Plan (years) |
Total premiums paid |
| 1 |
£60 |
| 2 |
£120 |
| 3 |
£180 |
| 4 |
£240 |
| 5 |
£300 |
| 10 |
£600 |
| 20 |
£1200 |
- The plan only provides a lump sum on death or diagnosis of a terminal illness and has no cash-in value at any time.
- You may exercise the option to ask for cover to be paid out early if you're diagnosed with an advanced or rapidly progressing terminal illness where, in the opinions of an attending medical Consultant and LV='s Chief Medical Officer, your life expectancy is no greater than 12 months. The opinion must be supported by relevant medical evidence, and the plan must have at least one year left to run from the time the claims criteria are met. Because the plan is paying out benefits before death, LV= will reduce the amount of cover paid out, currently by 3%.
- If you die, the lump sum is normally paid to your estate. Inheritance tax could apply to the part that's worth over £325,000 (tax years 2009/10 and 2010/11).
- In certain circumstances, a claim may not be paid. See the Plan Conditions for more information.
- If the information received when you take out your plan is incomplete, incorrect or untrue, LV= may not pay your claim, could cancel your plan or may not pay out the amount of your cover in full. See the Plan Conditions for more information.
- If you choose level cover, the amount of your cover is fixed when your plan starts and doesn't change. This means it won't keep up with inflation and will buy less in the future. If you choose decreasing cover, your cover will reduce each month over the plan term in the same way that a repayment mortgage would reduce if it was repayable over the plan term at a monthly mortgage interest rate of 7%. If interest rates are consistently above 7%, the amount paid when you make a claim may not be enough to pay off your oustanding mortgage.
- You should read the Plan Conditions and Policy Summary for more information. The Plan Conditions and Policy Summary documents are important, so please print and keep them for future reference. If you are unable to print these documents, please contact us on 0845 272 8810 to request copies by post.
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4) The amount we will receive if you buy this product
LV= will pay Standard Life Client Management commission if you buy an LV= Life Insurance plan through us. The amount we'll receive is based on how much you pay and the term of your plan. We have shown an example of the maximum commission that would be paid on a plan with a payment of £10 per month. This assumes the plan term is 13 years or more. If the term of the plan is less than 13 years, the commission paid in this example would be lower.
- Payment each month £10
- Commission £248.34
For details of the actual amount of commission that would be payable on your plan, please contact us on the number below.
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5) Your right to cancel
You can cancel your plan at any time by contacting LV=, although if you do you will lose all your cover under the plan and you won't get anything back.
If you cancel your plan within 30 days of it starting, LV= will refund your premiums. If you cancel at any other time, your plan will end and you won't get anything back. Your plan has no cash-in value at any time.
To cancel your plan, simply call LV= on 0845 6405273 (for textphone dial 18001 first). Your call may be recorded and/or monitored for training and audit purposes. Call charges may vary.
Or you can write to LV= at:
LV=, Pynes Hill House, Rydon Lane, Exeter, EX2 5SP.
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6) Eligibility
You need to meet the following eligibility criteria to take out a LV= Life Insurance policy:
- You must be a permanent UK resident (not including Channel Islands and Isle of Man).
- You must be aged between 17 and 69 when the plan starts.
- The maximum amount of cover you can have under this plan is £500,000 if you are aged 55 or less.
- If you are aged between 56 and 65 the maximum amount of cover you can have is £300,000.
- If you are aged 66 or over the maximum amount of cover you can have is £200,000.
It's important to understand that these limits apply across all of the LV= Life Insurance plans that you have. So, if you already have a plan, the maximum amount of cover is for all your plans added together.
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7) Lifestyle
LV= will not be able to offer you cover under this plan if you;
- have a BMI which is greater than 40
- you smoke more than 30 cigarettes a day
- drink more than 35 units of alcohol a week if you are a male, or more than 28 units a week if you are female
- have used recreational drugs (other than the occasional use of cannabis) in the last 5 years
- have received medical treatment or advice for alcohol or drug use
- have been diagnosed with HIV or hepatitis B or C.
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8) Medical
LV= will not be able to offer you cover under this plan if you have been diagnosed with, or are currently being investigated for any of the following;
- diabetes
- ischemic heart disease, heart attack, angina, heart valve disorder
- stroke, brain haemorrhage or peripheral vascular disease
- cancer, leukaemia, Hodgkin's disease, lymphoma, brain or spinal tumour
- multiple sclerosis, Optic Neuritis, Parkinson's disease, paralysis, Alzheimer's disease, dementia or any other disease or disorder of the central nervous system
- a mental illness that has resulted in any suicide attempt, suicidal thoughts, self harm or required hospital treatment or referral to a psychiatrist
If you think any of the above lifestyle or medical exclusions apply to you, or if you are not sure, please phone Standard Life Direct on 0845 272 8810 as we have other protection plans which may meet your needs. Call charges may vary.
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9) Suitability and advice
If you are unclear about what this plan provides and whether it suits your needs, you should seek financial advice. Standard Life Direct can provide you with advice about this plan, products from subsidiaries of Standard Life plc and some external providers.
If you are happy to proceed without receiving advice, remember that your decision will be based solely on your own interpretation of the information provided. We have not taken into account your individual needs and circumstances. If you are in any doubt about the suitability of the plan you should seek financial advice.
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