Life Insurance

Protection for you and your family

Life Insurance is a way to financially protect your loved ones if you should pass away. If you were to die during the term of your life insurance policy a lump sum will be paid which can help with your family's finances.

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Our terms of business can be found here.

LV= and Frizzell are registered trademarks of Liverpool Victoria Friendly Society Limited (LVFS) and LV= and LV= Frizzell are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Advice Services Limited (LVFAS), registered in England No. 3027145, is authorised and regulated by the Financial Conduct Authority, register number 186890. LVFAS is a wholly owned subsidiary of LVFS. 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. Tel: 01202 292333.

Benefits

  • Give yourself and your family extra peace of mind
  • Choose how much life insurance cover you want - paid as a lump sum
  • Guaranteed premiums that can't increase.

There are different options available:

  • Level Term Life Insurance
  • Level Term Life Insurance with critical illness
  • Mortgage Protection Life Insurance
  • Mortgage Protection Life Insurance with critical illness

 

Important information:

  • If you cancel your policy, you won't be covered and you won't get anything back. This policy has no cash-in value at any time.
  • If you choose Level Term Life Insurance or Level Term Life Insurance with Critical Illness then you amount of cover is fixed when your policy starts, and doesn't change. This means it won't keep up with inflation and will buy less in the future.

 

Normally the lump sum paid out if you die will be paid to your estate. Inheritance Tax could apply to the part of your estate that is worth more than £325,000 (tax years 2011/12 to 2014/15)

These policies are designed for protection purposes only and have no cash in value at any time. If you stop paying premiums your cover may cease.

How much tax you pay depends on your personal circumstances. Any references we make to taxation are based on our understanding of current legislation and HM Revenue & Customs practice, which can change.

LV= only offers the protection products of the Liverpool Victoria group of companies

Happy family on beach

Level Term Life Insurance

Life Protection from LV= will pay out a lump sum to help support your family and repay any debts, like your mortgage, if you die during the term of cover. This is level term cover which means the amount you’re covered for is fixed when you start paying the premiums, and won't change. This means it won’t keep up with inflation, and will buy less in the future.   

Level Term Life Insurance with critical illness

Life insurance with critical illness from LV= will pay out a lump sum if you die, or if you are diagnosed with one of the covered critical illnesses during the term of cover. You’re covered for a critical illness as long as it meets the policy definition, and you survive for at least 14 days after diagnosis.

LV = only cover the critical illnesses listed in their policy condition and no others. The money can be used to help repay a mortgage or other debts or to make alterations to your home to help you and your family adjust.

This is level term cover which means the amount you’re covered for is fixed when you start paying the premiums, and won't change. This means it won’t keep up with inflation, and will buy less in the future.

Mortgage Protection Life Insurance

Life Protection from LV= offers decreasing cover that’s specifically designed to cover the reducing amount you owe on a capital and interest repayment mortgage. The amount you are covered for goes down each year, but the premium you pay remains the same. The policy provides a one-off lump sum payment if you die during the term of cover.   

Mortgage Protection Life Insurance with critical illness

Life insurance with critical illness from LV= offers decreasing cover that’s specifically designed to cover the reducing amount you owe on a capital and interest repayment mortgage. The amount you are covered for goes down each year, but the premium you pay remains the same. The policy provides a lump sum payment if you die, or are diagnosed with one of the covered critical illnesses during the term of cover. You’re covered for a critical illness as long as it meets the policy definition, and you survive for at least 14 days after diagnosis.

LV = only cover the critical illnesses listed in their policy condition and no others. The money can be used to help repay a mortgage or other debts or to make alterations to your home to help you and your family adjust.

FAQs

Can I cover myself against illness as well as death?

 

Yes you can. LV= Frizzell have policies that will pay out a lump sum if you are diagnosed with one of a group of specified illnesses or conditions, and survive for at least 14 days. Please note that only the illness and conditions detailed in the policy conditions are covered – you’re not covered for all types of illness.

Who can apply?

For Life Insurance all residents who permanently live in the UK aged between 17 and 79. Life Insurance with Critical Illness is only available to apply for up to age 64.

How much does it cost?

Premiums start from £5 a month. The amount you pay depends upon your individual circumstances and the level of cover you need. If you stop paying your premiums your cover may cease. As these policies are for protection purposes only, they have no cash in value.

Can I decide who gets the money?

Yes you can by placing the policy in trust which is something LV= Frizzell can help you with. The product literature for the type of policy you choose explains whether it can be placed in a trust. Please note trusts may not be suitable for all types of policy and in all circumstances. If you are in any doubt you should contact a financial adviser or solicitor.