
Liverpool Victoria, often referred to as LV=, is a well-established insurance company that has been around for over 180 years. They offer a wide range of insurance products to suit different needs.
Their life insurance policies provide financial protection to loved ones in the event of an untimely death. This can be a huge relief for families who are struggling to make ends meet.
LV= has a strong presence in the UK, with millions of policyholders across the country. They are known for their customer-focused approach and commitment to providing excellent service.
Their insurance products are designed to be flexible and adaptable to changing circumstances, making them a popular choice for many people.
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What Is Liverpool Victoria?
Liverpool Victoria is a well-established financial services company that's been around since 1843. It was originally founded as a friendly society to provide financial support to people in Liverpool.
The company has undergone significant changes over the years, with a major rebranding in 2007 that saw it become known as LV=.
Income Protection

Liverpool Victoria's Income Protection is a straightforward product with clear literature and competitive premiums. It's known as the Flexible Protection Plan and can be included with other products like Life Insurance and Critical Illness Cover.
The policy offers a maximum cover of 60% of your annual income before tax, with a maximum benefit of £12,500 per month. This means that if you're earning £20,000 a year, you could receive up to £10,000 per month if you're unable to work.
You can choose from different premium types, including guaranteed or reviewable premiums. The claim payment period can be limited to 12 or 24 months, depending on the option chosen, but multiple claims can still be made.
Here are the different claim payment options:
The policy also includes a waiver of premium, which means that your premiums will be paid for you if you're unable to work due to an injury or illness. This can be a huge relief if you're struggling to make ends meet.
Income Protection Overview

Liverpool Victoria is one of the leaders in the Income Protection market, combining a straightforward product with clear literature and competitive premiums.
Their Flexible Protection Plan is a popular choice, and it can be included with other products like Life Insurance and Critical Illness Cover.
The policy is designed to provide a comprehensive and low-cost budget option that's flexible and includes a number of special features for no extra cost.
To apply for Liverpool Victoria's Income Protection, you must be permanently living in the UK, a UK resident for a minimum of 2 years, and have been registered with a UK doctor for at least 2 years.
The policy uses an Own Occupation definition of incapacity, which means it will pay out after the selected deferred period if you're unable to carry out your usual job role.
Here are the key features of Liverpool Victoria's Income Protection:
LV's Income Protection also offers a 'benefit guarantee', which ensures that if your benefit is £1,500 or less, they will still pay your chosen monthly benefit, minus any continuing income you are receiving.
Parent & Child Protection

Income protection policies often offer additional benefits to protect your loved ones. LV's Parent & Child Cover is a valuable feature that provides financial support in case your child falls ill.
If your child is diagnosed with certain illnesses, LV will pay a lump sum of 6x your monthly benefit, up to a maximum of £25,000. This can be a huge relief for families dealing with unexpected medical expenses.
LV allows one claim per child, so you can rest assured that your policy will cover each of your children separately.
What Is Income Protection Cost?
Income protection cost can vary significantly depending on your age. For example, if you're 30 years old, you can expect to pay around £37.03 per month for Liverpool Victoria Income Protection.
To give you a better idea, let's break down the costs for different age groups. Here's a rough estimate of what you might pay:
This assumes you're a non-smoker with no pre-existing conditions and are in a low-risk office-based role. The cost of income protection can add up over time, but it's essential to consider the benefits of having a safety net in case you're unable to work due to illness or injury.
Policy Details

Liverpool Victoria's Flexible Protection Plan is a straightforward product with clear literature.
This policy can be included with other products like Life Insurance and Critical Illness Cover.
The policy is offered by Liverpool Victoria, one of the leaders in the Income Protection market.
Death Benefit
If the worst should happen and you die during the term of your plan, LV will pay a lump sum benefit to your loved ones.
The benefit amount will vary depending on how long the policy has been in place. For example, if you die within 4 years of having the policy, they will pay £5,000.
For policies that have been in place for 4 or more years, LV will pay a significantly higher amount of £10,000.
Shortest Deferred Period: 1 Day
LV offers short deferred periods of 1 day or 1 week in its Personal Sick Pay policies, meaning you can receive your benefit faster. This is a great feature for those who need financial support quickly.
LV's short deferred periods are available in its Personal Sick Pay policies, which can be a lifesaver during difficult times.
General Insurance

Liverpool Victoria's general insurance products cover a range of areas, including motor, home, pet, travel, and small business insurance. These products are provided by Liverpool Victoria Insurance Company Limited.
The company offers a variety of distribution channels for its general insurance products, including direct sales to the public over the phone and internet, as well as through insurance brokers. In 2008, Liverpool Victoria acquired the Highway Insurance Group PLC, a significant move that boosted its distribution channel.
Liverpool Victoria's general insurance business has its roots in the acquisition of Frizzell in 1996. Frizzell was a business that acted as a broker of motor and household insurance policies, and it was acquired by Liverpool Victoria to underwrite its business.
The company's general insurance division has undergone significant transformation since its acquisition of Frizzell. By 2012, the division had grown to become the UK's third-biggest motor insurer, with a 11% market share.
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Liverpool Victoria's general insurance division was sold to Allianz in 2017, but the company retained a significant stake in the business. In 2019, Allianz purchased the remaining 51% of the division, and the business was rebranded as Fairmead Insurance.
Here are some key facts about Liverpool Victoria's general insurance division:
Acquisitions
Liverpool Victoria has a rich history of growth, with most of it being organic, but there were almost twenty transfers of business from other societies.
These acquisitions helped shape the society into what it is today. The first recorded acquisition was the Liverpool Crown & Anchor Friendly Society in 1885.
Here are some of the notable acquisitions:
- Liverpool Protective Assurance & Burial Society (1903)
- New Era (1904)
- General Friendly Collecting Society (formerly Leeds and General Friendly Society) (includes the Hulme Burial Society) (1908)
- Most Friendly Burial Collecting Society (1933)
- City Mutual (Guernsey) Collecting Society (1935)
- City Mutual (Jersey) Collecting Society (1935)
- Hibernian Mutual Assurance Collecting Society (1944)
- General Federation of Trade Unions Friendly & Collecting Society (GFTU) (1952)
- Independent Burial Society (1953)
- Withington Friendly Burial Collecting Society (1954)
- Ardwick Union Burial Society (1957)
- Keighley Samaritan Brief (1963)
- Druids Burial Society (1965)
- Permanent Insurance Company Limited (2001)
- Royal National Pension Fund for Nurses (RNPFN, 2001)
- UIA Insurance Limited (life business only) (2005)
- Tomorrow (2007)
- Teachers Provident Society (2016)
Recent Facts
Liverpool Victoria has a significant debt obligation that it issued in May 2013, priced at £350 million.
This debt, which carries interest at 6.5%, is due for repayment in 2043, although LV= has the option to repay it from 2023.
In 2020, Liverpool Victoria underwent a change in its registration status, transitioning from a friendly society to a limited company, Liverpool Victoria Financial Services Ltd.
The company's focus has shifted to life insurance, pensions, and investments, while Allianz became the sole shareholder of Liverpool Victoria General Insurance.
Frequently Asked Questions
Who is Liverpool Victoria underwritten by?
Liverpool Victoria is underwritten by Allianz Insurance plc. This partnership provides comprehensive insurance solutions for personal car and home policies.
Sources
- https://www.tdsi.co.uk/case-studies/lv-liverpool-victoria/
- https://www.theguardian.com/business/2021/nov/12/what-is-lv-and-why-does-its-takeover-matter
- https://www.mentalhealthintheworkplace.co.uk/an-interview-with-an-lv-employeee/
- https://www.drewberryinsurance.co.uk/income-protection-insurance/insurers/liverpool-victoria-income-protection
- https://en.wikipedia.org/wiki/Liverpool_Victoria
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