LV= has introduced a number of changes to its CI policies and now covers 87 conditions.
The number of full payment conditions – including brain injury due to trauma, anoxia or hypoxia, Crohn’s disease, severe mental health and severe sepsis – has been increased from 44 to 49. In fact, the increase is more than that, as some previous conditions have been combined. The new conditions covered are:
* Brain abscess.
* Brain injury due to trauma, anoxia or hypoxia (the old definition but expanded).
* Crohn’s disease.
* Heart failure.
* Severe mental ill-health.
* Severe sepsis.
* Spinal stroke.
* Syringomyelia or syringobulbia.
* Ulcerative colitis.
Nine new additional payment conditions have been added:
* Aortic aneurysm.
* Cauda equina syndrome.
* Cerebral or spinal arteriovenous malformation (the old condition but expanded).
* Cerebral or spinal aneurysm (the old condition but expanded).
* Gastrointestinal stromal tumour (GIST) or Neuroendocrine tumour (NET) of low malignant potential.
* Guillain-Barré syndrome.
* Less advanced cancers of 20 named sites and of specified severity.
Other changes include:
* An enhanced neurological payment now pays up to age 55 (previously 45) and is now double the sum insured (max £200K).
* For major organ transplant, liver failure or severe lung disease, the benefit is now twice the sum insured (max £200K), there are no age restrictions, and the benefit is doubled on children’s claim too.
* Cover can now last to age 80 (although inflation linked cover will continue to run to age 70).
* The maximum term has been increased from 40 to 50 years.
For cancer – the most claimed for condition – there is a new £1,000 payment for policyholders, or any child covered by the policy, if they are diagnosed with one of the listed cancer conditions and evidence of diagnosis is provided. The payment would be made before a claim is fully reviewed by an assessor, would not reduce the amount of cover and is designed to help with additional costs of being diagnosed with cancer.
* Cover is now available up to a 50-year term up to age 80 (for level and decreasing cover) and other improvements include simplifying the amount paid for enhanced payments to pay twice the amount of cover up to an additional £200,000, increasing the age of diagnosis to 55 for neurological enhanced payment conditions, and introducing three organ-related enhanced payments – major organ transplant, liver failure and severe lung disease.
* Extended children’s cover is standard and features include:
Cover is from birth and is now extended to age 23 (with no requirement to be in full time education) for 85 conditions and there is no minimum survival period
* Pays out 50% of main policy cover, up to £25,000 per policy, plus enhanced payments for 13 conditions through either accident or organ-related payments (up to £50,000).
* New £5,000 child’s funeral payment and new ‘junior option’, allowing a child to take out their own CI cover within six months of their 23rd birthday without medical underwriting.
* Confidential member helpline for older children (and parents) to support them through challenging times, providing valuable day-to-day mental health support to dependants from age 16.
* LV= has also announced it is working with Maggie’s, a charity offering emotional and practical support for people living with cancer and their family and friends.