One of the UK’s largest insurers has revamped its critical illness policy by extending cover and making it easier to claim for key health conditions.
Leading mutual LV= (formerly known as Liverpool Victoria), which has 1.1 million members and serves over 5 million customers, has implemented a host of changes including enhancing definitions of conditions which trigger the highest number of claims. These include cancer, heart attack (myocardial infarction) multiple sclerosis, stroke and Parkinson’s disease.
The new definitions will broaden the ability to claim, for example, LV= is now committed to settling in full whenever a heart attack is clinically diagnosed, regardless of severity. Similarly people who suffer a stroke will no longer need to demonstrate permanent neurological deficit but that symptoms persisted for 24 hours.
Another enhancement is designed to make it easier for policy holders to claim earlier under provisions for MS. The policy will now pay out when evidence is presented of two or more cases of impaired motor or sensory function.
Partial payments have also been introduced for six conditions including type 1 diabetes which is sometimes referred to as “early onset diabetes” as it can affect people from their teen years onwards. Ovarian tumours will also now trigger partial payments.
Cover for children and young people has also been enhanced. A previous 30 day minimum age restriction has been scrapped so that protection commences from birth with conditions which existed prenatally now covered. In addition the age limit for children’s cover has been raised from 18 to 21 years with no requirement for them to be in full time education.
In total the policy now protects against 64 conditions and offers partial payments for 20. Chris McNab, Protection Product Manager at LV= commented: “Increasing the number of partial payments covered in our policy allows us to take a more flexible approach, and provide a greater number of clients with financial assistance.”