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LV= enhances Critical Illness cover

Press release: 09/04/2014

Protection specialist LV= today announces 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, were meaningful and added 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.”

For further details on the LV= range of protection products go to www.LV.com/adviser.

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For further information please contact:

Addy Frederick, LV=, 020 8256 6909, Addy.Frederick@lv.com

Paula Nugent, LV=, 020 8256 9367, Paula.Nugent@lv.com

Notes to editors

The full details of LV=’s critical illness cover:

(* denotes newly added condition)

Standard ABI Conditions
• Blindness
• Kidney failure
• Loss of speech
• Traumatic head injury

ABI+ Conditions
• Alzheimer’s disease
• Aorta graft surgery
• Benign brain tumour
• Cancer
• Coronary artery by-pass grafts
• Coma
• Deafness (improved definition)
• Heart attack (improved definition)
• Heart valve replacement or repair
• Loss of hands or feet
• Major organ transplant
• Multiple sclerosis (improved definition)
• Motor neurone disease
• HIV infection
• Parkinson’s disease (improved definition)
• Paralysis of a limb
• Stroke (improved definition)
• Third degree burns

Extra Conditions 100% benefit
• Aplastic anaemia
• Bacterial meningitis
• Benign intramedullary spinal cord tumour
• Cardiomyopathy
• Creutzfeld-Jacob disease
• Dementia
• Encephalitis
• Liver failure
• Loss of independence
• Multiple system atrophy
• Neuromelitis optica (NMO)*
• 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

Condition

What we’ll pay

Accident hospitalisation cover (increased payment)

25% of cover up to £25,000

AVM of brain (improved definition)

12.5% of cover up to £12,500

Carcinoma in situ cervix

12.5% of cover up to £12,500

Carotid artery stenosis*

12.5% of cover up to £12,500

Carcinoma in situ urinary bladder

12.5% of cover up to £12,500

Central retinal artery occlusion*

12.5% of cover up to £12,500

Cerebral (brain) aneurysm*

12.5% of cover up to £12,500

Coronary artery angioplasty

25% of cover up to £25,000

Diabetes type 1*

12.5% of cover up to £12,500

Ductal carcinoma in situ (of the breast) (increased payment)

25% of cover up to £25,000

Non-severe cardiomyopathy

25% of cover up to £25,000

Ovarian tumour*

12.5% of cover up to £12,500

Partial third degree burns

12.5% of cover up to £12,500

Prostate cancer

25% of cover up to £25,000

Partial loss of hearing*

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

Testicular carcinoma in situ*

12.5% of cover up to £12,500

Improved children’s cover

Extended cover from 18 to 21st birthday, with no requirement to be in full time education

Providing cover for conditions which existed before birth (congenital conditions)

Protection from birth by removing the minimum age of 30 days

About LV=

LV= employs 5,800 people and serves over 5.5 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.