Following the ABI’s Statement of Best Practice for Critical Illness, LV- the new brand name for Liverpool Victoria - is not only adopting the ABI’s recommended common generic terms and model wording but is also adding five new conditions, and reducing premium rates across most terms and ages by an average of 3.8%, and up to 45.2% in some cases.
The new conditions, not included in the ABI’s model definitions, are:
The LV mimi Flexible Protection Plan now offers financial cover for 30 serious illnesses and conditions and Permanent Total Disability, available on both the standalone Critical Illness Cover and Combined Life and Critical Illness Cover products.
Stuart Tragheim, of LV, says: “We are committed to continually reviewing and enhancing our protection range, and we indicated early on that we would be complying with the ABI’s guidelines. By adding five new conditions, over and above those which comply with the new guidelines, we can offer individuals and families greater peace of mind that they will be financially covered against life-changing events.”
Critical illness: News update: April 2007