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Why has N&P chosen LV=?
Like N&P, LV= is a mutual. They have similar values to us and, like us, they want to help you make the best choices when it comes to your money.
LV= understands that claims are made during a difficult time and so they have a simple and efficient claims process (usually only one or two weeks from notification to payout). In 2008 they paid out over £24 million to the families of 1083 deceased life insurance policy holders.
Am I eligible for the plan?
If you are permanently living in the UK (excluding Isle of Man and Channel Islands) and aged between 50 and 80 years old at the start of the plan, then you are guaranteed to be accepted for the plan.
How much cover can I have?
The maximum cover you can have is £25,000. If you have more than one 50 Plus plan, the maximum cover is for all your plans added together. Also, the most you can pay is £100 a month. If you have more than one 50 Plus plan, this maximum amount is for all your plans added together.
How does the 50 Plus Plan work?
You pay monthly premiums and after the first 12 months the plan guarantees to pay a cash lump sum when you die. You need to continue paying the premiums until the plan anniversary on or after your 90th birthday, however your cover continues for life.
You should remember there is no cash in value at any time and depending on how long you live, the total amount you pay in premiums may be more than the cash sum payable on death.
Will my health affect whether I can have cover?
No. You will only be asked for your age and sex and the premium amount you require. There are no health or medical questions to answer.
What cover is provided within the first 12 months?
If you die within the first 12 months the plan will only pay out the full level of cover if you die as a result of an accident within 90 days of it happening (subject to the conditions outlined in the section “What am I covered for?” in the Policy Summary).
If you die for any other reason, for example illness, disease or natural causes or if death occurs more than 90 days after the accident, LV will return the premiums you have paid.
After 12 months:
After the first 12 months the full level of cover will be paid whatever the cause of death.
What it will depend on
It will depend on your age, your sex and the level of the payments you select. See the
rates table. You will know right from the start how much will be paid out because when your plan begins your cover will stay fixed.
Level of coverWhen you’re choosing how much cover you will need, remember that inflation means the cost of goods and services, such as funerals, will rise over time but your level of cover is fixed. This means it will buy less in the future.
Cover and your estatePayment from this plan will normally go to your estate. Inheritance tax could apply if the value of your estate exceeds £325,000 (tax year 2009/2010 and 2010/2011). If you think this may apply to you, it may be a good idea to speak to a solicitor or financial adviser.
What if I change my mind after my Plan has started?You can cancel your plan at any time:
Within the first 30 days
If you change your mind within the first 30 days of taking out the plan LV= will refund your payments.
After the first 30 days
If you cancel at any other time, your cover will end and you won’t get anything back. Please note the plan has no cash in value at any time.
When will my 50 Plus Plan start?
The cover will start on the date LV= ask for your first payment to be made. You are covered for the whole of your life so there is no fixed end date on the plan.
What I need to know about my payments?
You need to pay your premiums every month by direct debit until the plan anniversary on or after your 90th birthday.
What does the person making the claim need to do?
Most people will leave instructions in their will for who will receive the cash payout.
The person making the claim will normally be named in the will as the person who will deal with your affairs when you die and is known as the ‘executor’. This person may be your husband, wife or another friend or relative.
When the time comes the person making the claim should contact LV= as soon as they can. You can find details inside the
Plan Conditions booklet, which you can download from this website or you will be sent once you take out the Plan.
Yes, when taking out a plan you will be able to choose a free gift from LV=. This is either £30 worth of Marks & Spencer vouchers, an electronic safe or a DAB digital radio.
You should receive your free gift one month after LV= receive your first payment.
Please select your gift when applying. If you choose the DAB radio or the electronic safe, you will receive a voucher to collect your chosen gift from your nearest Argos store.
Please note that these vouchers are not redeemable online. If your chosen gift is not available a similar alternative will be offered. If you choose £30 worth of Marks and Spencer vouchers these will be sent to your home address. LV= reserves the right to change or withdraw this offer at any time.
You will receive your M&S vouchers/vouchers for your chosen gift, one month after LV= receive your first payment. Offer is limited to one gift per person, so if your partner applies they too can get a free gift.
LV= reserve the right not to supply a gift to anybody who has already cancelled a 50 Plus plan before making at least two payments and/or has had a 50 Plus plan cancelled by LV=.