As with life insurance, making a will and planning your funeral, it's natural to put off thinking about something you don't want to happen. But also as with life insurance, it makes sense to plan for the future.
A serious illness can have serious and life-changing effects, so adding critical illness to your life insurance policy with us could help relieve financial pressures and give you and your family peace of mind.
Critical illness insurance is designed to provide a lump sum if you were to suffer one of the illnesses covered in the policy, which can help to cover any expenses that may arise as a result, or however you wish to spend the money.
The definition of a critical illness varies between insurance companies. With LV=, a critical illness is a serious illness or condition that is normally survivable, may require continuous treatment, and could result in a diminished ability to work. See the LV= current list of critical illnesses.
With LV=, you are only covered for the illnesses listed and as defined in the policy conditions. For a critical illness claim to be paid, you will need to survive for at least 14 days after a diagnosis or undergoing an operation. If you die within the 14 days, a critical illness claim won’t apply, instead we will pay out a death claim under the Life insurance, if it’s before the end date of the policy.
It's really important you read the policy conditions so you know what you are covered for. For example, not all types of cancer are covered and for some types of illness you need to have permanent and on-going symptoms for us to pay a claim.