Protection specialist LV= is adding a more affordable variant of critical illness cover to its protection range, providing more choice and flexibility for customers at different life stages.
The new LV= Life and Critical Illness Cover covers 41 conditions, including 39 full payment conditions and two additional payment conditions for early stage breast cancer and prostate cancer (up to £30,000, or 25% of the amount of cover if lower).
LV= Life and Critical Illness Cover also includes Enhanced Payments for nine conditions including blindness, loss of hand or foot or third degree burns. LV= will pay 50% on top of the initial cover (limited to £200,000), if the condition was caused directly by an accident.
The new Life and Critical Illness cover does not automatically include children’s cover. There is an option to protect all children up to age 23 for an additional premium, for up to £35,000 (or 50% of the amount of cover under the main policy, if lower) through Enhanced Children’s Cover. Customers can add this to their policy at outset or a later date, and can remove this at any time as their family situation changes.**
LV= previously offered only one comprehensive critical illness product, covering 87 conditions including 49 full payment conditions. This remains in place and has now been renamed to Life and Enhanced Critical Illness Cover. The new Life and Critical Illness Cover and the existing enhanced version are both included within the LV= Flexible Protection Plan, and can be easily combined with other types of life insurance and income protection products.
The introduction of this more affordable variant of critical illness cover is a further development of LV=’s protection product portfolio following last year’s launch of mortgage and rent cover and means the company is well positioned to continue to grow in this important market sector.
The LV= Wealth and Wellbeing Monitor* – a quarterly survey of 4,000+ UK adults - revealed that growing numbers were concerned about developing a life-threatening illness:
“These latest improvements to LV=’s critical illness proposition allow advisers and their clients to select more relevant and tailored coverage for their needs. Conditions such as cancer, heart attack or a stroke can have a devastating financial and emotional impact on families. By focussing on the most claimed-for conditions, we are launching a more budget-conscious alternative to our enhanced version. We’re also offering more flexibility around children’s cover, giving clients the option to add and remove this at any time - helping them achieve financial resilience as their lifestyles and priorities change.”
“Our latest development is well-timed to respond to increasing levels of health awareness and provides a new more affordable protection option, as many households experience increases to their costs of living. LV= research found that 77% of 25-44 year olds found that the pandemic had increased awareness of their own physical health. Despite this, only 22% own a critical illness product, with cost being cited as a major reason. Not only does our new product offer essential cover at a more affordable cost, it also includes value-added benefits such as LV= Doctor Services - providing everyday tangible and convenient support for customers. Customers can access Remote GP 24/7 and Second Opinion features by using an app or over the phone.”
Since 2020, LV= has been working with Maggie’s, a charity offering emotional and practical support for people living with cancer.
Second opinion gives access to specialists to review diagnosis, clarify unanswered questions and help understand treatment options.
Included as standard on all protection policies, gives access to six expert medical services, all available through a convenient app including:
Those in exceptionally hard circumstances can apply for additional financial support through the LV= Member Support Fund.
Free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.
* The LV= Wealth and Wellbeing Monitor is a quarterly survey of 4,000+ consumers which examines their attitudes to spending, saving and retirement. LV= surveyed 4,000+ nationally representative UK adults via an online omnibus conducted by Opinium in September 2021.
**Children’s Cover can be added to an existing policy, provided it has at least five years left to run. Once it has been removed, Children’s Cover cannot be added back on to the same policy.
UK population stats from ONS. Total UK adult population is 52.7m UK adults (aged 18+).