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Protection Changes 30th March 2007

Critical Illness

From 30 March, we are making a number of changes to our critical illness cover (CIC).

For stand-alone CIC and Combined Life and CIC under our mimi flexible protection plan, we will be:

  • improving our premium rates [across most terms and ages] – by an average of 3.8%
  • adding five new conditions
  • adopting common generic terms and model wording for critical illnesses and exclusions.

New Critical Illness Rates

Overall, we have reduced our CIC rates by an average of 3.8% and improved our competitive position. We have increased some rates by up to 28.9% and reduced others by as much as 45.2%.

Click here for a quotation.

Five New Conditions

We've added five new conditions to our CIC. This means that we provide financial protection against 30 serious illnesses and conditions and Permanent Total Disability. The new conditions we cover are:

  • Aplastic anaemia
  • Cardiomyopathy
  • Liver failure
  • Progressive Supranuclear Palsy
  • Severe lung disease

Click here to see how we have amended our cover and definitions (opens in a new window).

Common Generic Terms and Model Wordings

We are following the ABI’s Statement of Best Practice for Critical Illness. The Statement of Best Practice aims to help protect consumers and help them understand and compare critical illness policies by:

  • having a common format for the way Critical Illness cover is described to potential buyers at the point of purchase
  • using common generic terms
  • using model wordings for Critical Illnesses and Exclusions which meet appropriate minimum standards

Pipeline Procedures

  • Applications with a valid quotation dated on or before 29 March 2007 and received by 12 April 2007 will be subject to the previous rates, conditions and definitions.
  • Applications with a valid quotation received on or after 13 April 2007 will be subject to the new rates, conditions and definitions, even if quoted prior to 30 March 2007.
  • Quotations issued from 30 March 2007 will be subject to the new rates, conditions and definitions.
  • Applications held in pipeline as at close of business 29 March 2007 and completed on or before 29 September 2007 will be subject to the previous rates, conditions and definitions.
  • Applications held in pipeline but not completed by 29 September 2007 will be subject to the new rates, conditions and definitions.

LifeTime+ Rate Change


From 30 March, Liverpool Victoria have changed the premium rates for LifeTime+, our guaranteed premium non-investment linked whole of life contract.

Overall, we have reduced our rates by an average of 1.1%. We have increased some rates by up to 9.9% and reduced others by as much as 11.1%. For selected ages with level cover, we are 'number one' on rate.

We believe that this will reinforce our position in this competitive market.

Pipeline Procedures

  • Applications with a valid quotation dated on or before 29 March 2007 and received by 12 April 2007 will be subject to the previous rates.
  • Applications with a valid quotation received on or after 13 April 2007 will be subject to the new rates, even if quoted prior to 30 March 2007.
  • Quotations issued from 30 March 2007 will be subject to the new rates.
  • Applications held in pipeline as at close of business 29 March 2007 and completed on or before 29 September 2007 will be subject to the previous rates.
  • Applications held in pipeline but not completed by 29 September 2007 will be subject to the new rates.

Click here for a quotation on LifeTime+.

Withdrawal of Decreasing Term Assurance (Not Including Gift Inter Vivos)

From 30 March Liverpool Victoria are withdrawing non mimi life protection decreasing term (not including Gift Inter Vivos).

Pipeline Procedures

  • Applications, with a valid quotation dated on or prior to 29 March 2007, and received on or before 12 April 2007 will be acceptable for processing
  • Applications received on or after 13 April 2007 will not be processed, even if quoted on or prior to 29 March 2007
  • No new business quotations will be issued on or after 30 March 2007
  • Applications held in pipeline as at 30 March 2007, regardless of whether terms have been issued, will be allowed to proceed, providing the policy is completed by 29 September 2007
  • Applications received up to 12 April 2007 with a valid quote, but not completed by 29 September 2007 will not be able to proceed and will be written off

Any questions? Speak to your Account Manager.

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