LV is making a series of changes to its ‘flexible protection plan’, adding enhanced children’s cover and family income benefit.
The enhanced option for life and critical illness includes cover for 10 additional child-specific conditions likely to occur during birth and early infancy, such as type 1 diabetes, cerebral palsy and Down’s Syndrome.
According to the provider, the changes bring the total number of conditions to 95 for children.
Additionally, the enhanced children’s cover includes increased child claim payments of up to £35,000 and a £5,000 payment if the insured is diagnosed with one of six pregnancy-related complications.
LV has also updated its family income benefit, adding guaranteed increase options for life events, such as new family members. The benefit is designed to pay out a monthly income until the end of the term on the death of the policyholder or their diagnosis with a terminal illness.
Its flexible protection enables advisers to tailor the plan to a client’s needs.
Debbie Kennedy, director of protection at LV, said: “The dynamics and make up of families are diverse and ever changing – and so are their protection needs. We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net.
“I’m delighted that we are offering more cover and support for new, growing and established families – with child-specific critical illness cover, support for expectant mothers and through our family income benefit, provision of an income after a parent passes away.
“These changes strengthen our flexible protection plan, enabling advisers to easily design an all-round financial protection solution - with the daily difference of emotional and practical support - tailored to the unique needs of their clients and family.”
Adam Higgs, head of research at Protection Guru, commented: “LV’s overhaul of their critical illness proposition in January made a wide range of positive changes, however much of this was based on adult coverage. The upgrades introduced today are now focusing solely on child coverage, an area they have been lacking in up to now.
“The new conditions provide coverage for many of the most common pregnancy and congenital conditions with additional coverage for older children through their intensive care and type 1 diabetes wordings. What is particularly impressive is that LV= have been able to maintain their 0 day survival period across these conditions.”
chloe.cheung@ft.com
