The provider has also improved a number of definitions for existing conditions.
LV= said the new changes would “significantly benefit advisers and their clients” and increase the quality of cover its policy provides.
Chris McNab, protection product manager at LV=, said: “We have listened to advisers and customers and worked with our claims and underwriting teams to ensure any changes to our policy make it market-leading, are meaningful and add value.”
KEY FEATURES
A number of definitions for existing conditions will change to increase the quality of cover
LV= offers cover on 64 conditions in total (previously 59), with 19 ABI+ definitions and 20 partial payments
It has enhanced six of its existing definitions, including the most claimed-for conditions – cancer, heart attack, multiple sclerosis, stroke and Parkinson’s disease.
Adviser verdict
Matthew Smith, managing director of London-based Buckingham Gate Chartered Financial Planners, said: “Historically there have been some very strict conditions, which does not build confidence for customers. One of the biggest issues has been the simple question: will it pay out? Changes such as this are positive, providing, of course, there is not a huge increase in price.”
