Following LV='s changes to their Critical Illness policies earlier today, CIExpert, the Critical Illness reference site, has assessed changes made and backed LV='s assertion that more claims will be paid.
Alan Lakey, director of CIExpert, commented: "For the second year running LV= has made extensive upgrades to its critical illness cover reaffirming its desire to be seen as the leading critical illness insurer. The improvements are significant and will result in more claims being paid."
New Full Payment Conditions
Devic's Disease A definite diagnosis with impairment of motor or sensory function that has persisted for at least 3 months. Apart from LV= only Aviva includes this.
New Partial Payment Conditions
Carotid Artery Stenosis Lower of £12,500 or 12.5% of the sum assured if subject to 70% narrowing and treated by endarterectomy or angioplasty. Apart from LV= only Ageas Protect offers this cover.
Central Retinal Artery or Vein Occlusion - Also known as eye strokes.
LV= will pay lower of £12,500 or 12.5% of the sum assured if death of the optic nerve or retinal tissue causes permanent visual impairment of an eye. No other insurer includes this condition.
Cerebral Aneurysm Lower of £12,500 or 12.5% of the sum assured if treated by craniotomy,
stereotatic radiotherapy or the use of coils. Six other insurers include this.
Diabetes Mellitus Type 1 Lower of £12,500 or 12.5% of the sum assured if diagnosed after age 18 and treated by insulin injections for a minimum of 12 months. Only Ageas Protect includes this cover although Friends Life includes Type 1 Diabetes as a full payment condition if diagnosed after age 40.
Ovarian Tumour of Borderline Malignancy
Lower of £12,500 or 12.5% of the sum assured if so diagnosed and treated by surgical removal of an ovary. No other insurer includes this condition.
Partial Loss of Hearing Lower of £12,500 or 12.5% of the sum assured if permanent loss of hearing in the better ear is greater than 70 decibels but less than 90 decibels. No other insurer offers this as a partial payment but Skandia's full payment deafness definition mirrors this.
Improvements To Existing Full Payment Conditions
Cancer Cover now includes chronic lymphocytic leukaemia below Binet Stage A.
Deafness The ABI model wording states deafness measured at 95 decibels in the better ear. LV= has reduced this level to 90 decibels.
Heart Attack LV= joins Ageas, Scottish Provident and HSBC in removing the requirement for a specific level of raised enzymes.
Multiple Sclerosis The claims wording has been improved to require either clinical impairment for 3 months or 2 or more attacks of impaired function as evidenced by an MRI scan.
Parkinson's Disease The definition has been altered to remove the usual requirement for postural instability.
Stroke The requirement for permanent neurological deficit has been removed and LV= joins Ageas, Aviva and Friends Life in offering this superior wording.
Improvements to Existing Partial Payment Conditions
Accidental Hospitalisation The benefit payment has been increased to the lower of £25,000 or 25% of the sum assured.
Carcinoma in situ of the Breast
The maximum payment has been doubled to the lower of £25,000 or 25% of the sum assured.
Cerebral Arteriovenous Malformation
The definition has been uplifted to also include instances which have not bled.
Children's Cover
LV= has made significant improvements - they no longer exclude congenital conditions, joining Ageas and Friends Life - and they have extended cover from birth to age 21.
Conditions Removed
Minor Heart Attack & Minor Stroke
These two partial payments have been removed as main condition wordings have been upgraded.
