Protection specialist LV= is adding a more affordable variant of critical illness cover to its range of protection for customers at different life stages.
The new LV=Life and Critical Illness Cover includes 41 conditions, 39 full payment conditions and two additional payment conditions for early stage breast cancer and prostate cancer (up to £30,000, or 25 % of coverage amount if lower).
It also includes enhanced payouts for nine conditions, including blindness, loss of hand or foot, or third-degree burns. LV= will pay 50% on top of the original cover (limited to £200,000), if the condition was caused directly by an accident.
The new Life and Critical Illness coverage does not automatically include children’s coverage. There is an option to cover all children up to the age of 23 for an additional premium of up to £35,000 (or 50% of the main policy cover amount, whichever is lower) via Enhanced Children’s Cover.
Customers can add it to their policy early or later and can remove it at any time as their family situation changes.
LV= previously only offered one complete critical illness product covering 87 conditions, including 49 full payment conditions. This remains in place and has now been renamed Life and Enhanced Critical Illness Cover.
Both the new life and critical illness coverage and the existing enhanced version are included in the LV= flexible protection plan and can be easily combined with other types of life insurance and income protection products.
Justin Harper, LV=’s Director of Proposals and Marketing, said, “These latest enhancements to LV=’s Critical Illness Proposal allow advisors and their clients to select coverage that is more relevant and tailored to their needs. Illnesses such as cancer, heart attack or stroke can have a devastating financial and emotional impact on families.
“Focusing on the most requested conditions, we are launching a more economical alternative to our improved version. We are also offering more flexibility regarding child coverage, giving customers the option to add and remove this at any time, helping them achieve financial resilience as their lifestyles and priorities change.
“Our latest development comes at a good time to respond to growing levels of health awareness and provides a new, more affordable protection option as many households experience an increase in their cost of living.”