LV= updates critical illness cover

Sarah Davidson

January 22, 2016

LV= has made changes to its critical illness bringing the insurer into line with the 2014 ABI statement of best practice.

LV=’s plan now includes 42 100% payment conditions and 20 additional payment conditions which have payment limits varying between 12.5%/£12,500 and 25%/£25,000.

The changes include the addition of Parkinson plus syndromes as a 100% payment condition and amended wording across a range of existing 100% payment conditions.

The 14-day survival period for children’s cover has also been abolished and the previous claim limit of two children per policy has been removed.

Additionally, LV= has added a double accident benefit.

Alan Lakey, founder of CIExpert, said: “The changes from LV= are relatively modest.

“It remains a leading critical illness provider but is being pressured by newer entrants, Canada Life and Scottish Widows, as well as by the substantial improvements introduced by AIG last December.

“The changes to the Alzheimer’s/dementia cover may slightly confuse some advisers as will the continuation of different payment levels for the additional payment conditions.”

Sign up to our daily email