Life - Articles - LV= enhances critical illness cover


 Protection specialist LV= has announced changes to its critical illness cover, which will make it market-leading and even easier to claim on.

 The changes include an increase in the number of conditions and partial payments covered, and an improvement to a number of definitions for existing conditions, to increase the quality of cover its policy provides.

 LV= now offers cover on 64 conditions in total (previously 59) with 19 ABI+ definitions (previously 18) and 20 partial payments (previously 16).

 Also under the changes, LV= has enhanced six of its existing definitions, including the most claimed for conditions; cancer, heart attack, MS, stroke and Parkinson’s disease. The key new benefits are:

 A change in the severity levels within the heart attack definition so LV= will now make a full payment for all clinically diagnosed heart attacks.

 The policy will now pay out on diagnosis of a stroke with no requirement for permanent neurological deficit; instead will pay out if symptoms have persisted for 24 hours.

 In order to be able to pay claims at an earlier stage, LV= has extended its MS definition so that the policy pays out on evidence of two or more attacks of impaired motor or sensory function.

 LV= has moved to an ABI+ definition on deafness and has added partial payments for six new conditions, including Diabetes type 1 and ovarian tumours.

 The extension of children’s cover from 18 to 21 years old, with no requirement to be in full time education. In addition the minimum age of 30 days has been removed so that protection is now available for children from birth and even covers conditions which existed before birth.

 Chris McNab, Protection Product Manager at LV=, said: “We have listened to advisers and customers plus worked with our claims and underwriting teams to ensure that any changes we made to our policy made it market- leading, are meaningful and add value.

 “Critical illness cover is designed to provide essential financial support to clients when they need it most. Increasing the number of partial payments covered in our policy allows us to take a more flexible approach, and provide a greater number of clients with financial assistance. We are committed to the critical illness market and believe the changes we have made will significantly benefit advisers and their clients.” 

Back to Index


Similar News to this Story

IPT receipts hit over GBP1 billion in November 2024
According to this morning’s HMRC data, Insurance Premium Tax (IPT) receipts reached £1.2 billion in November 2024, bringing the eight-month 2024/25 to
Healthy life expectancy data hint at post pandemic recovery
New figures published last week by ONS show Healthy Life Expectancy for younger age groups is lower than a decade ago although older ages have seen a
Treatments through PMI hit record in first half of the year
Over seven in 10 of all private health treatments are now being funded via PMI. Record H1 in 2024 for PMI-funded health admissions as employers expand

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.