Liverpool Victoria Life Insurance

What is a Liverpool Victoria Life Insurance?

A Liverpool Victoria Life Insurance is a life insurance plan offered by the Liverpool Victoria Life Insurance company. These plans provide the required financial security to your loved ones in the event of your unfortunate demise by paying out the life cover amount to your nominees. Your family may use the death benefit amount to pay off any remaining loans or mortgages that you may leave behind.

What are the Different Cover Options of Liverpool Victoria Life Insurance?

There are two types of life insurance cover available in India:

1. Sum Assured Options

   Level Cover Life Insurance

   • The cover amount and premiums are fixed for the entire policy term

   • On death, the cover amount will be paid as a lump sum to cover any debts and remaining mortgages

   • You can choose for the policy to cover you for a limited tenure or till before you turn 90 years of age

   Decreasing Cover Life Insurance

   • The total life cover amount reduces every year

   • Designed for individuals who have outstanding loans or mortgages that reduce over time

   • The premiums remain the same throughout the policy term

   • The premiums are usually more affordable than level cover life insurance

   • The plan will cover you for 5 - 50 years, or before you turn 90 years of age

2. Single and Joint Cover Options

   Single Life Cover	Joint Life Cover
   Only for the single individual	Covers partners within the same policy
   Money will be paid out in case of death	The plan will pay out on the first death claim and leave the surviving partner uncovered
   Two individual plans taken out separately won’t affect the cover of the other life assured in case of one individual’s death	Usually much more affordable than two individual plans

How Does Life Insurance Work?

While buying the right life insurance, you should consider the ideal amount of life cover and the duration of the policy suited for your and your family’s needs. The Liverpool Victoria Life Insurance pays the lump sum amount to your family in case of your unfortunate demise during the policy term, in exchange, you need to pay the regular premiums for the entire premium pay term. With this life insurance, you can also add the critical illness benefit and get enhanced cover in case of a critical illness diagnosis. This term life insurance plan does not offer any cash value or surrender benefits. Thus, if premiums are not paid, the coverage will end.

Do You Need Life Insurance?

Before you decide if you need life insurance or not, you need to check your financial needs and liabilities. If you do not have any financial dependents and are planning not to have any liabilities or dependents in the future, then you may find no need to buy life insurance. However, if you have liabilities or are planning to get married and have kids as dependents, it is suggested that you buy life insurance to ensure the financial stability of your loved ones in your absence. They can use the payout benefit amount to take care of their needs like paying off any remaining loans, taking care of monthly expenses, and other monetary emergencies that may arise.

Why Buy From Liverpool Victoria Life Insurance?

Here is why you should buy from Liverpool Victoria Life Insurance: 

• Life insurance quotes begin at just £5 per month

• Receive e-gift vouchers up to £250 with life insurance covers

• Free access to LV= doctor services

• Get in-built terminal illness coverage free of cost

• 97% of claims were paid in 2023

• On successful verifications, the claims will be paid in 3 days

How Much Life Insurance Cover Do You Need?

After choosing the right type of life insurance, consider the following to determine how much cover you need:

• Mortgage: Ensure your cover is enough to pay off your mortgage, so your family isn’t burdened with it.

• Household Expenses and Savings: Factor in daily living costs and any savings you want to leave behind.

• Childcare and Future Education: Account for the cost of childcare and future education expenses to secure your children’s future.

What are the Key Points About Liverpool Victoria Life Insurance?

• Eligibility: Available to UK residents aged 17 to 84.

• Policy Duration: You can choose a term between 5 and 50 years, but it must end before your 90th birthday.

• Payout: If you pass away, the lump sum is usually paid to your estate, and inheritance tax may apply to amounts over £325,000.

• Suicide Exclusion: No payout if death occurs from suicide within the first 12 months.

• Premium Payments: If you stop paying premiums, your cover may end, and you won’t receive a refund.

• Medical Reports: We may need to contact your doctor for a medical report. You must consent to this to complete your application.

• Accuracy: You must answer all application questions truthfully; otherwise, your claim may be denied and the policy cancelled.

• Increase Options: You can increase coverage after major life events like marriage, divorce, the birth of a child, or a mortgage increase, subject to policy guidelines.

Make sure to read the policy summary and conditions to fully understand what you’re buying. This information is not financial advice; consult a financial adviser if you're unsure.

What are the Inclusions and Exclusions in the LV Life Insurance?

1. Inclusions:

   • Pay out a cash lump sum if you pass away within the policy tenure.

   • Let you choose the amount, type of cover, and policy term as per your needs.

   • Guarantee that your premiums won't change unless you alter your cover.

   • Include access to LV= Doctor Services, a Legal Advice Line, and other member benefits at no extra cost.

   • Allow you to increase cover after major life events without medical evidence, within limits.

   • Adjust costs based on factors like your age and smoking status.

   • Cover you if diagnosed with a terminal illness with less than 12 months to live.

2. Exclusions:

   • Pay out the full cover amount if you take your own life within the first year; only premiums paid will be refunded.

   • Cover you if you provide false information or omit required details when applying or claiming.

   • Provide coverage if involved in financial crimes.

   • Payout if you pass away after the policy term ends.

   • Pay for a terminal illness if life expectancy exceeds 12 months after diagnosis.

Alternate Ways of Buying Term Life Insurance in the UK

1. Benefits of Buying Term Life Insurance in the UK from India

   • Global coverage with pre-approved cover for comprehensive protection

   • Upto 18% GST waiver on premiums with 5% additional discount on annual mode

   • Tele/video medicals allow you to buy plans from the comfort of your homes

   • Special exit benefit allows you to exit the plan at an early stage and receive all the premiums back

   • Premiums are much more affordable than international term plans

2. How to Buy Term Life Insurance for NRIs in the UK?

   Here is how you can buy term life insurance for NRIs in the UK from Indian insurers:

   Step 1: Visit the term insurance for NRI page of Policybazaar

   Step 2: Fill in the required details like name, age, gender, and other contact information

   Step 3: Answer simple questions about smoking habits, occupation types, annual income, and educational background

   Step 4: Select the most suitable term life insurance and proceed to pay