LV=, formerly known as Liverpool Victoria, has enhanced its critical illness cover with the addition of five new conditions, indicating its commitment to the Association of British Insurer's recent statement of best practice for critical illness.
In addition to adopting the Association of British Insurer’s (ABI) recommended common generic terms and model wording, it is also reducing premium rates across most terms and ages by an average of 3.8%, and up to 45.2% in some cases.
New conditions that are not included in the ABI’s model definitions include aplastic anaemia, cardiomyopathy, liver failure, progressive supranuclear palsy and severe lung disease.
The LV= mimi flexible protection plan now offers financial cover for 30 serious illnesses and conditions and permanent total disability, available on both the standalone critical illness cover and combined life and critical illness cover products.
Stuart Tragheim, director of intermediary business at LV=, said: We are committed to continually reviewing and enhancing our protection range, and we indicated early on that we would be complying with the ABI’s guidelines. Intermediaries rightly expect us not only to be competitive on price, but to offer their clients a level and range of cover relevant to the range of risks they wish to guard against. By adding five new conditions, over and above those which comply with the new guidelines, advisers can offer individuals and families greater peace of mind that they will be financially covered against life-changing events.