The increase in ABI+ definitions will result in more claims being paid and sometimes at an earlier stage. For example, the standard ABI definition for multiple sclerosis states that symptoms must have persisted for at least six months. LV= now offers an ABI+ definition, cutting the period that symptoms must have persisted to three months.
LV='s critical illness cover now also offers seven partial payments (previously two), so clients can still benefit from financial assistance when a full payment is not required.
As LV= does not reduce the overall level of cover clients could receive by the amount paid in partial payments, clients could receive over 200% of the original sum assured through partial and full payments.
The number of illnesses policyholders' children are covered for has also been increased to match the adult conditions, and if a child is covered under more than one parent's policy the amount that LV= will pay out in total has doubled from £25,000 to £50,000.
Mark Jones, LV= Head of Protection says:
"We've worked hard to enhance our critical illness product in a meaningful way, to make it not only market leading, but more importantly, to add real value.
"Increasing the number of ABI+ definitions and partial payments allows us to take a more flexible approach, and provide a greater number of clients with essential financial support when they need it most. We are committed to paying every valid claim and the changes we have made will significantly benefit advisers and their clients."
