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LV= launches market leading critical illness cover

Press release: 31/05/2013

Protection specialist LV= has enhanced its critical illness (CI) cover to make it one of the most comprehensive plans in the market. The changes include increasing the number of standard conditions, ABI+ definitions, partial payments, and the introduction of unique enhanced payments. LV= has also improved a number of definitions for existing conditions, to increase the quality of cover and reflect changes in medical diagnosis.

LV= now offers cover on 59 conditions in total (previously 48) with 18 ABI+ definitions (previously 16). LV= has more than doubled the number of partial payments available to 16 (previously seven), and is leading the industry by including cover for minor heart attacks and minor strokes.

Under the new unique enhanced payments, clients will now receive 150% of cover at claim if they are diagnosed with one of a number of neurological diseases before the age of 45, and 200% of cover at claim for certain conditions if it is the direct result of an accident, such as loss of speech, paralysis of a limb or traumatic head injury.

LV= has increased the maximum age[1] for taking out its critical illness cover from 60 to 65. The number of illnesses children are covered for under the CI policy also matches the adult conditions now covered (excluding total permanent disability).

Mark Jones, LV= Head of Protection, said: “Before making these changes we spent a considerable amount of time listening to our claims and underwriting teams, advisers and customers to make sure what we are doing is meaningful and adds real value. Suffering a heart attack or a stroke are two of the most common reasons that we pay claims, so leading the market by adding partial payments for both of these conditions will make a big difference in being able to make a claim. The new unique benefits, such as ‘double cover’ payment, we believe will also make our CI cover stand out.

“Advisers can feel confident that our product covers the most serious conditions, and that we also look to provide financial support for sudden events like an accident, or an illness that may not be life threatening, but can still have a huge impact on people’s circumstances.”

For further details on the LV= range of protection products go to

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Notes to editors

The full details of LV=’s critical illness cover:
(* denotes newly added condition)

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

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

Extra Conditions 100% benefit
• Aplastic anaemia
• Bacterial meningitis
• Benign intramedullary spinal cord tumour (improved definition)
• Cardiac arrest*
• Cardiomyopathy
• Creutzfeld-Jacob disease (improved definition)
• Dementia
• Encephalitis
• Idiopathic pulmonary hypertension (improved definition)
• Liver failure
• Loss of independence
• Multiple system atrophy
• Open heart surgery
• Total permanent disability
• Progressive supra-nuclear palsy
• Pneumonectomy*
• Pulmonary Artery Surgery
• Severe lung disease (improved definition)
• Surgical removal of an eyeball
• Systemic lupus erythematosus (SLE)

Partial Payment Conditions


What we’ll pay

Accident hospitalisation cover*

15% of cover up to £15,000

AVM of brain*

12.5% of cover up to £12,500

Carcinoma in situ cervix*

12.5% of cover up to £12,500

Carcinoma in situ urinary bladder*

12.5% of cover up to £12,500

Coronary artery angioplasty

25% of cover up to £25,000

Ductal carcinoma in situ (of the breast) (improved definition)

12.5% of cover up to £12,500

Minor heart attack*

25% of cover up to £25,000

Minor stroke*

25% of cover up to £25,000

Non-severe cardiomyopathy*

25% of cover up to £25,000

Partial third degree burns*

12.5% of cover up to £12,500

Prostate cancer (improved definition)

25% of cover up to £25,000

Partial loss of sight (improved definition)

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

New enhanced benefits

Double accident cover
200% of cover paid up to £200,000 for claims on the following definitions as a result of an accident. Blindness, coma, deafness, loss of hands or feet, loss of speech, loss of independent existence, paralysis of a limb, surgical removal of an eyeball, third degree burns, traumatic head injury.

Enhanced payment for neurological conditions
150% of cover paid up to £200,000 for diagnosis of one of the following neurological conditions before the age of 45. Alzheimer’s disease, motor neurone disease, multiple system atrophy, Parkinson’s disease and progressive supranuclear palsy.

Accelerated Stroke benefit
It can take several months to establish if a stroke has resulted in permanent neurological deficit (PND) with persisting clinical symptoms. This can lead to people being unable to work, or require changes to their lifestyle but have not yet received the benefit from their CI policy. We will now pay 25% of cover, up to £25,000, on receipt of confirmation that the claimant has had a stroke. If within 12 months we establish PND then we will pay the remainder of the sum assured. If there is no PND we will assume the payment falls under the “minor stroke” partial payment condition, and the full sum assured will remain in place.

[1] Increased maximum entry age
The maximum age at entry for Critical Illness Cover is now 65 (increased from 60). This change only applies to level and decreasing cover, not index-linked, which remains at 60. It applies to guaranteed, reviewable and accelerated CI, and reviewable standalone CI.

About LV=

LV= employs 5700 people and serves over five 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.