How much Life Insurance can I take?
There is no minimum amount of cover; there is only a minimum premium.
If you’re aged 55 or under when your plan starts the most cover you can apply for is £500,000.
If you’re aged 56 to 65 when your plan starts the most cover you can apply for is £300,000.If you’re aged 66 or more when your plan starts the most cover you can apply for is £200,000.
For joint life plans these limits apply to the older of you. For example if one of you is aged 50, and the other is aged 60, then the maximum amount of cover you can have for a joint life plan is £300,000. It’s important to understand that these limits apply across all your LV= Life Insurance Plans. So if you already have a plan, and are applying for another one, the limits apply for the amount of cover under all these plans added together