LV= launches more affordable critical illness cover

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.

Related topics:  Protection
Rozi Jones
26th January 2022
LV
"These latest improvements to LV=’s critical illness proposition allow advisers and their clients to select more relevant and tailored coverage for their needs."

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).

The 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.

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 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 and existing versions are both included within the LV= Flexible Protection Plan, and can be easily combined with other types of life insurance and income protection products.

Justin Harper, propositions and marketing director at LV=, said: “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.”

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