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Eligibility Criteria FAQs

Eligibility FAQs added 11 February 2021. Back to latest updates.

What are the eligibility details on member compensation one-off payment?

What are the eligibility details for enhanced exit payout for With-profits members?

Can you tell me the details of the member compensation cash payment?

Can you tell me the details of the % uplift that With-profit members will receive as an enhanced payout at policy exit?

Are there any With-profits members who will not benefit from an enhanced payout?

What was the cut-off date for new policy applications to qualify for the one off member compensation payment?

What happens if my client’s policy lapses between the SGM and when the transaction fully completes (called a Part VII transfer)?

What is a Part VII transfer?

My client already has a policy with you, but would like to purchase an additional policy – will they qualify for the one-off member compensation payment on the new policy?

Will my client still have access to member benefits if they take out a new policy from the 1 March 2021?

My client holds an Equity Release policy with you, will they be eligible for the one-off member compensation payment?

Will my client still have access to LV= Doctors services from the 1 March?

What happens if a policy lapses or terminates before the date of the Special General Meeting (SGM)?

How do I know if I my client holds a member qualifying product?

How do I know if my client is a With-profits member?

Can you tell me the date of the SGM?

8 February updates

FAQs added 8 February

What were the Questions that were covered at the Member Virtual Event?

What’s the position of the LV= Board on report from the All-Party Parliamentary Group (APPG) for Mutuals into LV=’s proposed transaction with Bain Capital?

Further questions answered

FAQs issued after initial announcement

What exactly are you announcing?

Why is LV= doing this and why now?

What are Bain Capital’s plans for LV= in outline?

Does this mean LV= is demutualising?

You have always made a big deal about your mutuality, why are you abandoning this now?

Is LV= in financial trouble and has this been triggered by the pandemic?

What do you mean by a With-profits member?

How many members do you have and how many are With-profits members?

What do you mean by ‘non-profit’ or ordinary members?

Why is this deal in the best interests of members?

Will members get a vote on the transaction?

Will members get a windfall payment and when? What will this be?

Can you explain why members will be getting different distributions?

How much, on average, will members of the With-profits fund get?

What is the payment all members will get?

Will members keep their existing member benefits?

Is there any impact on IFAs?

Will this have any impact on existing contracts or terms of business agreements?

Will you be withdrawing from any business lines?

Why should IFAs continue to place business with you when you are no longer a mutual?

Will you be looking to reduce or expand the number of IFAs you do business with?

Contact Phone

Let's talk

If you have any queries about this proposal please speak to your LV= Account Manager or you can email [email protected]

Calls may be recorded.

For TextDirect call 18001 followed by the phone number