LV= and Bright Grey have revamped their critical illness cover in light of the Association of British Insurers new definitions for CI.
The ABI’s statement of best practice for CI must be implemented by all protection providers by the end of April and many providers are taking the opportunity to revamp their CI products at the same time.
LV= is adding five new conditions to its cover including aplastic anaemia, liver failure and severe lung disease.
It will also be reducing premium rates across some terms and ages by an average of 3.8 per cent.
Bright Grey is adding four new illnesses to its CI cover including open-heart surgery and severe lung disease.
Bright Grey product director Roger Edwards says: “This means our critical illness cover now covers 33 illnesses including total and permanent disability. However, we firmly believe that the focus should not be on the number of conditions a critical illness product covers.”
LV= director intermediary business Stuart Tragheim says: “Intermediaries rightly expect us not only to be competitive on price but to offer their clients a level and range of cover relevant to the range of risks they wish to guard against.”