CIExpert has hailed LV='s upgrade to its critical illness (CI) plans as the first serious attempt at a hybrid approach between traditional CI and severity-based payments.
The critical illness comparison service noted that two innovations stand out, paying an additional 50% (subject to an additional £200,000 cap) for any policyholder aged below 45 who suffers from one of the neurological conditions and doubling the payment on certain conditions (subject to an additional £200,000 cap) if caused by an accident.
Alan Lakey, director of CIExpert, said: "The changes are substantial and deserving of close scrutiny and these reflect LV='s desire to be seen as offering a high quality critical illness plan.
" It also adds further layers of complexity, which highlights the benefits of the CIExpert comparison site."
New Full Payment Conditions
Cardiac Arrest - With permanent implantation of a defibrillator
Pneumonectomy - The removal of an entire lung due to accident or disease
New Partial Payment Conditions
Accidental Hospitalisation - Lower of £15,000 or 15% of sum insured if hospitalised for 28 consecutive days due to injury
Arteriovenous Malformation of Brain - Lower of £12,500 or 12.5% of sum insured if undergoing surgery, embolisation or radiosurgery to treat AVM of the brain
Carcinoma in situ of the Cervix - Lower of £12,500 or 12.5% of sum insured if undergoing hysterectomy due to carcinoma in situ of the cervix
Carcinoma in situ of the bladder - Lower of £12,500 or 12.5% of sum insured on diagnosis of carcinoma in situ of the urinary bladder
Ductal or Lobular Carcinoma in situ - Lower of £12,500 & 12.5% of sum insured if surgical removal due to ductal or lobular carcinoma in situ of breast.
Minor Heart Attack - Lower of £25,000 & 25% of sum insured on definite diagnosis of a minor heart attack
Minor Stroke - Lower of £25,000 & 25% of sum insured on definite diagnosis of a minor stroke without requiring permanent neurological deficit or persisting clinical symptoms of disability. If permanent deficit is confirmed within 12 months the main sum assured is reduced by the earlier payment.
Non-severe Cardiomyopathy - Lower of £25,000 & 25% of sum insured on definite diagnosis of cardiomyopathy but not based on an ejection fraction reading or have the usual 6 month qualifying period.
Partial Third Degree Burns - Lower of £12,500 or 12.5% of sum insured if third degree burns to 10% of the body surface area or 25% of the face or head.
Testicular Carcinoma in situ - Lower of £12,500 or 12.5% of sum insured if diagnosed and undergo surgical removal of testicle
Improvements To Existing Conditions
Benign Brain Tumour - Cover has been enhanced to provide for payment upon diagnosis. No other insurer pays on diagnosis only.
Benign Spinal Cord Tumour - Cover extended to the spinal canal as well as the spinal cord.
Early stage Prostate Cancer - Prostate cancer with a Gleason score of 2-6 now additionally includes treatment by high intensity ultrasound, hormone therapy or cryotherapy.
Other Enhancements
Neurological Conditions - If any of the following conditions are diagnosed prior to age 45 the payment will be increased by 50% subject to a maximum additional sum of £200,000 - Alzheimer's Disease, CJD, dementia, motor neurone disease, multiple system atrophy, Parkinson's disease, progressive supranuclear palsy
If Caused by an Accident - If any of the following conditions are caused due to an accident then the payment will be doubled subject to a maximum £200,000 - blindness, coma, deafness, loss of limb, paralysis, removal of an eyeball, third degree burns, traumatic head injury
