Liverpool Victoria improve their Critical Illness and Income Protection Cover
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LV have updated their Income Protection cover to provide ‘own occupation’ definition to all new customers.
Their new stance will mean that if you are accepted for Income Protection cover with them you will automatically have an ‘own occupation’ claim definition; this used to be restricted to low risk occupations. The development means that a whole new set of clientèle have the opportunity for the best (own occupation) definition of Income Protection available. This includes but is not limited to police officers, scaffolders, cleaners and HGV drivers.
Example Income Protection costs for a police officer with a claim period to age 60:
As well as this LV Income Protection has the added advantage that you can choose a 2 year claim option on the policy, which could see your premiums for cover being 40-60% lower than those shown above. The LV policy can offer you Income Protection up to the age of 70 if you want to extend the cover further.
LV have also used recent months to review their Critical Illness Cover and have made distinct changes to better their policy. LV have enhanced the full payment definitions for claimable illnesses, most notably so for heart attacks. Most critical illness contracts require that a heart attack be registered at a certain severity (based upon recorded troponin levels) in order to make a claim, as not all heart attacks are seen as “serious”.
However LV have moved away from this mindset allowing a full payment on any diagnosis of a heart attack regardless of severity. Further still they have broadened the illnesses you can make partial payments claims for to 20 conditions, to a maximum payment of up to £25,000.
The integrated childrens cover has also been extended to age 21 and congenital conditions are now included in the claimable policy set.
These improvements have set the LV Critical Illness Cover and Income Protection contracts ahead of many of their competitors, who may soon be following suit to keep up with these advantageous changes.
We use a range of providers/insurance companies and their products may be more suitable for your needs. Please speak with one of our insurance advisers on 0800 567 7450 who can assess your circumstances and place you with the correct insurer for your needs.
* Based upon research conducted on 3rd April 2014
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