LV= launches market-leading Critical Illness product
3 April 2012 | PRess release
Protection specialist LV= today announces changes to its critical illness (CI) cover, with an increase in the number of conditions and partial payments covered.
LV= now offers cover on 48 conditions (previously 38) and has increased the number of ABI+ definitions it offers by seven, taking the total to 16. The extended definitions apply to some of the most common reasons for claiming on a CI policy, including stroke, cancer and multiple sclerosis (see below for a full list of conditions covered).
The increase in ABI+ definitions will result in more claims being paid and sometimes at an earlier stage. For example, the standard ABI definition for multiple sclerosis states that symptoms must have persisted for at least six months. LV= now offers an ABI+ definition, cutting the period that symptoms must have persisted to three months.
LV=’s critical illness cover now also offers seven partial payments (previously two), so clients can still benefit from financial assistance when a full payment is not required. As LV= does not reduce the overall level of cover clients could receive by the amount paid in partial payments, clients could receive over 200% of the original sum assured through partial and full payments (see below for full list of partial payments covered).
The number of illnesses policyholders’ children are covered for has also been increased to match the adult conditions (excluding Total Permanent Disability), and if a child is covered under more than one parent’s policy the amount that LV= will pay out in total has doubled from £25,000 to £50,000.
Mark Jones, LV= Head of Protection says: “We’ve worked hard to enhance our critical illness product in a meaningful way, to make it not only market leading, but more importantly, to add real value.
“Increasing the number of ABI+ definitions and partial payments allows us to take a more flexible approach, and provide a greater number of clients with essential financial support when they need it most. We are committed to paying every valid claim and the changes we have made will significantly benefit advisers and their clients.”
Full details of LV=’s Critical Illness product
Standard ABI Conditions
- Kidney failure
- Loss of speech
- Motor neurone disease
- Terminal illness
- Traumatic head injury
ABI+ Conditions – 16
- Alzheimer’s disease
- Aorta graft surgery
- Benign brain tumour
- Coronary artery by-pass grafts
- Heart attack
- Heart valve replacement or repair
- Loss of hands or feet
- Major organ transplant
- Multiple sclerosis
- HIV infection
- Parkinson’s disease
- Paralysis of a limb
- Third degree burns
Extra Conditions 100% benefit
- Aplastic anaemia
- Bacterial meningitis
- Benign intramedullary spinal cord tumour*
- Creutzfeld-Jacob disease
- Liver failure
- Loss of independence
- Multiple system atrophy*
- Open heart surgery
- Total permanent disability
- Primary pulmonary hypertension
- Progressive supra-nuclear palsy
- Pulmonary Artery Surgery*
- Severe lung disease
- Surgical removal of an eyeball*
- Systemic lupus erythematosus (SLE)
Partial Payment Conditions
- Coronary Artery Angioplasty*- 25% of cover up to £25,000
- Prostate Cancer- 25% of cover up to £25,000
- Ductal carcinoma in situ (of the breast)- 12.5% of cover up to £12,500
- Partial loss of sight* 12.5% of cover up to- £12,500
- Removal of one or more lobe(s) of the lung*- 12.5% of cover up to £12,500
- Severe Crohn’s disease* 12.5% of cover up to- £12,500
- Severe ulcerative colitis* 12.5% of cover up to- £12,500
*These conditions are new to LV=’s Critical Illness product.
1 Children’s cover includes all the conditions included under the main policy, (excluding Total Permanent Disability). Children’s cover pays out on diagnosis of a critical illness from 30 days old, up until their 18th birthday. The benefit is limited to the lower of £25,000 or an amount equal to half the sum assured, whichever is greater. Partial payments cover will be limited to the lower of £25,000 or 50% of the amount of the amount the adult cover LV= would pay if they made a claim. Claims are limited to one per child and the maximum number of claims on Children’s Critical Illness Cover is two