• 82.5 per cent of rates cut by an average cut of 4.1 per cent; some by as much as 31 per cent 
• Move illustrates LV= commitment to increasing its share of the wider individual protection market

LV= today announced broad-ranging price reductions across its Critical Illness protection range. The protection provider has improved rates on its Critical Illness and Combined Life & Critical Illness policies, as well as improving rates for higher sums assured for some of its term insurance contracts.

Over 80 per cent (82.5 per cent) of Critical Illness rates have been cut, with nearly all guaranteed premiums coming down. The average cut across the range is 4.1 per cent, with some rates reduced by as much as 31 per cent.

Mark Jones, head of protection at LV=, said: 'This sweeping re-price reflects LV=’s commitment to helping advisers sell the most appropriate mix of protection for their customers’ needs. As part of our ambitious plans for this year, we are looking to increase our share of the Critical Illness market and are prepared to maintain our keen pricing in order to continue to provide best value.

We may be best known with some advisers for our award-winning income protection, but this year we’ll be using our wealth of in-house protection expertise to strengthen the full range of our protection products. Product quality is just as important as price, and LV= continues to pick up plaudits and awards for its protection range, including a five star rating from Defaqto for our Combined Life and Critical Illness covers. We also offer extras with our Critical illness cover that can make a real difference to both advisers and our policyholders”

These extras include:

• Extra care support service for claimants
• Premium reductions for cancer exclusions 
• No standard exclusions 
• Free children’s cover 
• Large case team for cases from £500,000 and up to £3million

Critical Illness rates cuts – the figures

Combined Life & CI (Guaranteed)

• 99.2% rates cut, 0.8% increased 
• Average cut is 6.7%, and some up to 31.2%

Combined Life & CI (Reviewable) 

• 82.1% rates cut, 17.8% increased 
• Average cut is 4.3%, and some up to 18%

Standalone CI 

• 68.3% rates cut, 31.6% increased 
• Average cut is 1.6%, and some up to 17.1%

Treatment of pipeline quotes and new business applications

If you have new or planned new business with us you'll need to note the following:

• Applications with a valid quotation dated on or before 27.02.2010 and received by LV= on or before 16.03.2010 will have previous rates applied 
• Applications received by LV= on or after 16.03.2010 will have new rates applied, even if quoted on or before 27.02.2010. 
• Quotations issued on or after 27.02.2010 will be subject to the new rates 
• Applications held in new business pipeline as at 27.02.2010, regardless of whether terms have been issued, will be subject to the previous rates, providing the policy is completed before 01.09.2010. 
• Applications held in new business pipeline but not completed by 01.09.2010 will have new rates applied. 
• Applications in new business pipeline, where previous rates apply, can have new rates applied if requested by the client or adviser.

If you have questions or require help please contact our sales support team on 0845 602 690, email ifasupport@lv.com or speak to your account manager.

For textphone, dial 18001 first. Our opening hours are 9.00am to 5.30pm Monday to Friday. We may record and/or monitor your calls for training and audit purposes.