LV rises to protection challenge
10th February, 2016
Leading provider LV has become the final insurer to make changes to its critical illness plan in accordance with the 2014 Statement of Best Practice from the Association of British Insurers (ABI). Their critical illness plan now includes 42 100% payment conditions and 20 additional payment conditions. LV have also made significant changes to their children’s cover by removing the requirement for the child to survive 14 days before paying a claim, as well as adding double accident benefit, a unique enhanced claim payment feature.
2015 was driven by definition changes across the industry, as providers raced to meet the deadline set by the ABI for its Statement of Best Practice guidelines. A statement from LV said: "Following the ABI's update to the Statement of Best Practice, we took the opportunity to make some changes to our critical illness proposition, which we believe provides customers with the best all-round protection in the market.”
But some experts have suggested the changes from LV have also been partly in response to alternations from the main competition, most recently AIG life. New entrants to the market, such as Canada Life and Scottish Widows, has also increased the competition to provide the clearest and most comprehensive critical illness cover options to consumers.
With so many enhancement and changes to critical illness cover across the provider range, getting the best possible value and clarity on your cover can be a challenge. Talking to an adviser can really help, so have a look at our quotes page to compare life quotes, or compare critical illness quotes. You can also contact us directly to find out more about the latest cover options.