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Catch up with the latest press releases from LV=

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LV= launches market-leading critical illness product

Press release: 03/04/2012

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 [1].

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."

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

Notes to editors:

Full details of LV=’s Critical Illness product

Standard ABI Conditions
• Blindness
• Deafness
• 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
• Cancer
• Coronary artery by-pass grafts
• Coma
• 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
• Stroke
• 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*
• 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


What we'll pay

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.

About LV=

LV= employs over 5000 people and serves around 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 trades unions.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.