Adviser website – https://www.lv.com/adviser

Quotes and questions: 0800 678 1890
(Lines open 9am – 5pm Monday to Friday)

Application status/Underwriting/Commission questions: 0800 028 6333
(Lines open from 9am – 6pm Monday to Friday)

Post sale policy servicing: 0800 678 1906
(Lines open 9am – 6pm Monday to Friday)

Claims – 0800 756 5869   Email
(Lines open 9am – 5pm Monday to Friday)

Pre-underwriting tool – click here

Protection Progress Hub – click here

Protection Guru has worked with LV= to create a concise objective analysis of their product range.

LV= in their own words

Many are unprepared for the life changing nature of a serious illness and the impacts this could have on their finances, emotional state, overall lifestyle and importantly, their family.

We offer Critical Illness cover as part of our Combined Life and Critical Illness policy. As you’d expect, it provides comprehensive cover for the mostly commonly claimed for conditions, extending to 49 full payout conditions, but much more too.

Medical advances have aided early diagnosis and full recovery from some less severe conditions, such as non-invasive cancer; however the financial impact is still likely to be significant. We include 38 additional payments, which will pay the lower of 50% of the cover, or £30,000.

Some conditions and illnesses have profound lifelong effects. We will pay out twice the amount of cover (up to an additional £200,000) for 17 enhanced payout definitions – covering accidents and neurological and major organ conditions.

Standard children’s cover is included at no extra cost. We now offer an option for Enhanced children’s cover, with 10 child specific conditions, payments for pregnancy complications and increased payout levels – ideal for those starting or growing their family.

True to our philosophy, our critical illness cover goes beyond the pure financial, including the daily difference of emotional and practical support from day one, with LV= Doctor Services and LV= member benefits. We’re here for advisers, clients and members every day, and in the moments that matter most.

Life and Critical Illness cover is part of our Flexible Protection Plan – our ‘menu’ proposition; enabling advisers to easily design an all-round quality financial protection solution tailored to the unique needs of their client and family and their life journey.

Options for many different client profiles

Roll your mouse over or touch an image to find out more

Comprehensive as standard

The LV= critical illness coverage for the life assured provides comprehensive cover across a wide range of conditions and particularly those that a client is most likely to suffer from.

Enhanced Children's Cover

Children’s cover is included as standard, however for clients that want comprehensive cover for their children, LV= offer an Enhanced Children’s Cover option covering more child specific and congenital conditions.

Pregnancy Complications

If Enhanced Children’s Cover is included within the plan, LV= will also pay £5,000 if the client suffers from one of six pregnancy related complications.

Cost of diagnosis cancer payment

If the client is diagnosed with cancer and meets the definition of any of the cancers covered, LV= will pay the client £1,000 in advance of the claim being fully assessed to help cover immediate costs.

Enhanced payment for diagnosis at a young age

If the client is diagnosed with one of four neurological conditions before the age of 55, LV= will pay twice the amount of cover up to an additional £200,000

Enhanced payment for accidents

If the client suffers from one of ten conditions which is caused by an accident, LV= will pay twice the amount of cover up to an additional £200,000. This also applies to children’s cover where LV= will double the normal child claim up to a maximum of £70k (enhanced) and £50k (standard)

Enhanced organ failure payment

If the client meets the definition of major organ transplant, liver failure or severe lung disease, LV= will pay twice the amount of cover up to an additional £200,000. This is also applies to children’s cover where LV= will double the normal child claim up to a maximum of £70k (enhanced) and £50k (standard)

Junior Option

LV= will provide cover of up to £25,000 (standard cover) or £35,000 (Enhanced Child CI) to the children of the life assured without underwriting if they apply up to six months after the 23rd birthday when they are no longer covered by their parents policy. Only available if no child claim has been made.

Children's funeral benefit

If an eligible child dies within the term of the plan, LV= will provide a payment of £5,000 to help with funeral costs. This is included in both the standard and Enhanced Child Cover options.

comprehensive cover

A choice of enhanced or standard child cover

Enhanced Payments

The LV= critical illness plan will pay twice the amount of cover up to a maximum of £200,000 in three scenarios where the illness or injury may have a greater impact on the clients’ life. These are: 

Diagnosis of a specified neurological condition before age 55

Suffering from a neurological condition resulting in permanent symptoms at any age will be devastating. Suffering from a such a condition at a young age will often mean that a person will live longer with the symptoms. LV= provide an enhanced payment of up to £200,000 in addition to the sum assured if the client suffers from and meets their definition for one of the four neurological conditions listed below: 

  • Dementia or Alzheimer’s disease
  • Motor Neurone Disease
  • Parkinson’s Disease
  • Parkinson-Plus Syndromes

Accident

A serious accident can have a severe impact on a client’s life. If the result is a prolonged period of hospitalisation or permanent disablement of some form the financial consequences for the client and their family can be massive, both in the short and longer term. Where the conditions is caused by an accident, LV= provide an enhanced payment of up to £200,000 in addition to the sum assured if the client suffers from and meets their definitions for one of the following conditions:

  • Blindness
  • Brain injury
  • Coma
  • Deafness
  • Loss of hand or foot
  • Loss of independent existence
  • Loss of speech
  • Paralysis of limb
  • Surgical removal of an eyeball
  • Third degree burns

Organ failure

The failure of a major organ will have a massive impact on a clients ongoing life and their standard of living. Where this leads to the requirement for an organ transplant there will be many changes a person will need to make to ensure that their body accepts the new organ and to keep it healthy. To help, LV= provide an enhanced payment of up to £200,000 in addition to the sum assured if the client suffers from and meets their definition of one of the following conditions:

  • Major Organ Transplant
  • Liver Failure
  • Severe Lung Disease 

In addition, the enhanced payments for accidents and organ failure apply to both standard and enhanced children’s cover. The amount paid in each scenario is shown below. 

Supporting clients from day 1

The Doctor Services app provides clients with access to Remote GP’s, Prescription services, Second Medical Opinion, Remote Physiotherapy, Remote Psychological Services and a discounted health MOT at any point during the term of the policy whether a claim is in place or not. 

Remote GP

  • Access to a GP 24/7 to discuss health issues, medical concerns or prescriptions
  • Up to 5 appointments per year (cap removed for COVID-19)
  • Available to the life assured and their children (up to age 16)
  • Provides private prescriptions and repeat prescriptions

Second Medical Opinion

  • Access to an expert specialist selected to best match the client’s diagnosis or condition
  • Can review the diagnosis or treatment options and answer any questions the client may have on these
  • Full cost of second opinion is covered
  • Available to the life assured and their children (up to age 23)

LV= offer access to their their 24/7 Member Care line, plus the LV= Doctor Services app including remote GP, Second Medical Opinion, Mental Health Support and Physiotherapy on all policies and at any time during the policy lifespan regardless of whether a claim has been made or not

These services fit within the LV= Flexible Protection Plan providing clients with cover for a wide range of scenarios, including protecting income and supporting the policyholder and their family through illness, death and everyday life.

Claims Statistics 2019

LV= paid 88% of critical illness claims in 2019

Adult Critical Illness 
Children’s Critical Illness
Total value of claims paid
£23m
£275,000
Youngest age of claimant
29 years old
2 years old
Number of families supported
311
10
Top cause of claims
Cancer (41%)
Cancer (75%)
Second biggest cause of claims
Heart Disease (19%)
Encephalitis (17%)
Third biggest cause of claims
Stroke (6%)
Stroke (8%)

The main claim statistics tell part of the story, however there are many other benefits within critical illness plans that clients can claim on. Whilst some of these may provide a financial benefit, others provide something more personal by supporting the client either physically or mentally at their time of need. 

 

Event
Claims paid
Enhanced claims for diagnosis of neurological conditions at a young age
In total, LV= have paid £240,000 in addition to the main sum assured since this feature was added
Enhanced claims for accidents
In total, LV= have paid over £300,000 in addition to the sum main assured since this feature was added
Number of calls made to Member Care Line
1,086
Number of Green Heart Experiences delivered
200

LV=’s Green Heart initiative provides gestures of support when it’s needed the most but expected the least. This includes hampers, vouchers, children’s gifts and financial support to cover hospital parking, flowers and more. Their claim team embrace Green Heart Support and make it part of their everyday, recognising when they can step in and make someone’s day just a little brighter.

Areas for improvement

  • Currently do not offer an family income benefit with critical illness
  • Children’s funeral cover is lower than some other insurers who provide a £10,000 lump sum
  • Only covers natural, step or legally adopted children whereas some other insurers have extended this to cover children that are financially dependent or where the life assured is a legal guardian

Protection Guru has worked with LV= to create a concise objective analysis of their product range. LV= have had input to the design of this page and contributed to the cost of this construction maintenance, however Protection Guru have maintained editorial control over the content to ensure objectivity.