What is life insurance?
LV= life insurance pays out a cash sum if you die during the length of the policy. Insurance products available through Standard Life Direct are provided by LV=.
Cover starts at just £5 a month.
LV= life insurance provides you with all this:
Guaranteed priceOnce your insurance starts the amount your pay for it each month doesn't change. You make the same monthly payment throughout the lifetime of your plan.
Lump sum payoutA cash lump sum for your loved ones when you die.
Choose the amount you want to be covered for. The maximum amounts of cover available are:
- Up to £500,000 if you're aged 55 or under
- Up to £300,000 if you're aged 56 to 65
- Up to £200,000 if you're aged 66 or older
The amount you pay each month depends on how much cover you choose, how long you want it to last, and whether you smoke or not.
Early payout for terminal illnessIf you are diagnosed with a terminal illness (one where you are expected to die within 12 months), you can ask for your lump sum to be paid out early. If you ask for your plan to be paid out early, the amount of cover will be reduced by 3%. If you're diagnosed with a terminal illness during the final 12 months of your plan, a terminal illness claim won’t be paid.
Level coverPays out a fixed lump sum which remains the same throughout the term, so it won’t keep up with inflation, so your family will be able to buy less with it in the future.
Cover for your mortgageCover all or part of your outstanding mortgage or any other borrowings you have. If you're using the plan to help cover a mortgage, there's no guarantee that the mortgage would be repaid in full.
Decreasing coverIf you want to cover a repayment mortgage - the cover reduces in line with the amount owed on a typical repayment mortgage using an interest rate of 7%, although there is no guarantee that your mortgage would be repaid in full when you die.
Important information about life insurance
- The life insurance plan has no cash-in value at any time.
- You aren't covered and a claim won't be paid if you die as a result of taking your own life within 12 months of your plan starting.
- If you stop making payments, your life insurance plan will stop after 60 days. This means you won't be covered and you will not get anything back.
- Make sure your cover meets your needs, by reviewing your plan regularly. You can't make changes to your plan once it's started. If you need to make any changes, you will need to take out a new plan.
- When you apply, answer all questions accurately and in full. If you don't, this may affect payment of your claim.
- If you’re unclear about what this plan provides and whether it suits your needs, you should seek financial advice.
This insurance product available through Standard Life Direct is provided by LV=, part of the Liverpool Victoria Group.
Standard Life Direct is provided by Standard Life Client Management Limited, which arranges, and can talk you through this life insurance plan provided by LV=, and products from subsidiaries of Standard Life plc and some external providers.
LV= will pay Standard Life Client Management Limited commission if you buy an LV= Life insurance plan through us. The amount paid is based on how much you pay and the term of your plan. Details of the actual amount of commission that would be payable on your plan will be provided in your quote.
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS), a trading style of the Liverpool Victoria group of companies.
LVFS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035.
Registered address: County Gates, Bournemouth BH1 2NF.