LV= has introduced its first real critical illness upgrade since May 2013.
Additional payment conditions have been increased to the lower of £30,000 or 50% of the sum insured.
Nine new 100% and nine new additional payment conditions have been included as well as sensible consolidations of similar or linked conditions.
Debbie Kennedy, director of protection at LV=, said: “We consulted widely when developing our new critical illness policy and many of the enhancements followed suggestions from financial advisers.
“As a result, I believe we now offer unrivaled comprehensive all-round support for advisers’ clients and their families.
“Critical illnesses such as cancer, heart attack or a stroke can have a devastating financial and emotional impact.
“One in two people are likely to get cancer during their life and, following diagnosis, encounter a wide range of challenges as well as financial problems.
“Our cancer diagnosis payment can ease the financial worries and through our expert partners, including second opinion and our working relationship with Maggie’s, we can offer the reassuring practical and caring support for the family.
“We’ve taken a long hard look at our critical illness policy to make sure it can really protect modern families – including more conditions, children’s cover to age 23, access to emotional health support for young adults and our junior option – which allows adult children to easily secure valuable protection for themselves.”
CIExpert added: “Five years back LV= was one of the go to insurers for those advisers searching out a high quality critical illness plan.
“Over the intervening period they have focused on income protection whilst their rivals regularly updated their critical illness plans and stole an advantage.
“This set of improvements has been well thought-out as it focuses on important conditions and appropriate upgrades.
“It also provides for up to £200,000 extra if one of four conditions is diagnosed before age 55, or; if one of 10 conditions is caused by an accident, or; if one of three conditions is diagnosed at any time.
“As with most plans there is still room for greater clarity so that the potential for confusion is reduced, nonetheless the resurgence of LV= is a welcome start to 2020.”
All cancer claimants will be paid an immediate £1,000 in addition to any claim amount.
Major organ transplant, liver failure and severe lung disease and neurological conditions diagnosed before age 55 will all benefit from a double payment.
The maximum term has been increased to 50 years and the maximum end age increased to 80.
Child cover now runs until the 23rd birthday and there is also a £5,000 child funeral payment.
Condition counters will be excited to see the total number of conditions rise to 97 or 96 if terminal illness is excluded.
New 100% payment conditions have been added to cover various conditions including a brain abscess and Crohn’s disease.