More inclusive critical illness cover and support for modern families, that's not just about the numbers
Modern families are dramatically different to days gone by. The nuclear family - of a father, mother and ‘2.4 children' - is no longer the norm. In fact, nowadays, there is no normal. More of us will have step-children, step-parents and second families.
So, when you're offering quality protection advice to your clients, you'll need more inclusive contemporary protection solutions to safeguard them and their family against the effects of life-changing moments, today and tomorrow.
Take a moment to consider:
We're living longer, but lifestyle changes and scanning advances mean that cancer is the biggest health risk to your clients. It's the most commonly claimed for condition at LV= - accounting for 58% of critical illness, 24% of income protection and 42% of Life and 60% of our children claims (based on LV= claims in 2018). One in two of us born after 1960 will be diagnosed with cancer at some point in our lives. On the positive side, earlier diagnosis and advances in treatment mean that our chances of surviving are much greater, with half of those diagnosed expected to survive 10 or more years* (Cancer Research UK). But the impacts of cancer are far more than financial, it affects all aspects of wellbeing - including social, practical and emotional. And it isn't just about the person diagnosed; it has profound and lasting effects on family members and friends too. Protection insurance has a vital role to play beyond the core financial payout.
If you're a parent, you know that you'll never stop caring or worrying about your children, no matter how old they are. Our responsibilities don't simply stop when they finish school or leave for university - they can look forward to multi-stage careers, the likelihood of renting (rather than owning their home) and with the ‘boomerang kids', the prospect of returning back home after further education. The Millennials (some of them are approaching their forties now) and Generation Z have grown up with smart technology, they face an asset-lite future and possess a far stronger social and emotional conscience. Remember, 1 in 4 of us will have a mental health issue, with increasing worries and pressures among young adults and generations. How can protection better serve their aspirations and needs?
The unpredictable can always happen No matter how advanced the world becomes, life-changing moments can happen in the blink of an eye, and to anyone:
- In 2018, there were over 25,000 reported serious injuries due to road traffic accidents (UK Government)
- Almost 5,000 new Parkinson's cases are projected to happen each year in people aged under 55 (Parkinson's UK)
- Over 6,000 people are currently on the UK waiting list for an organ transplant (NHS)
Your clients may possess the invincibility syndrome, particularly the younger ones. Even if the probability is relatively low, the numbers of people are still considerable. Effects can be long-lasting, with devastating financial and future lifestyle impacts for your client. Protection insurance has a role to play in offering immediate and longer term support.
A new and more inclusive critical illness solution for you and your clients from LV=
As we reviewed our LV= critical illness offering, we took a long hard look at the changing world around us, consulting with medical practitioners, support services, advisers and consumers. We've enhanced, extended and - yes - simplified(!) our proposition to be more inclusive for modern day families, with:
- More comprehensive cancer cover and support: to help clients and their family with the financial, emotional and practical impacts of cancer. We now offer wider coverage for cancer through our full and additional payment conditions. We've also introduced a £1,000 payment to help with the additional costs of a cancer diagnosis. We offer expert support throughout the term of the policy and at claim, with Second Opinion services through Square Health.
- More enhanced payouts for more conditions: covering 17 conditions, where we'll pay twice the sum assured (up to an additional £200,000) - for ten conditions as a result of a life changing accident, four neurological conditions diagnosed before age 55 and three major organ-related conditions.
- More extensive child cover: from birth to their 23rd birthday, for 85* conditions and with no minimum survival period. This includes enhanced payments (up to £50,000) for 13 accident and major organ conditions. To support older children through challenging times we now offer 16-23yr olds, free access to a confidential counselling care service providing valuable day-to-day mental health support. And when they turn 23, they can take advantage of our new junior option to continue with their own cover, without the need for medical underwriting, as long as we haven't already paid a critical illness claim for that child.
Plus, we're delighted to have partnered with Maggie's, a charity providing emotional, social and practical support for anyone affected by cancer. Maggie's offers free support for people with cancer, their family and friends. The charity has 22 centres staffed by cancer support specialists, benefits advisers and nutritionists. Psychologists also provide one-to-one help and group sessions to reduce anxiety and depression.
Back to the numbers, briefly
We now cover 87 conditions, including 49 full payment conditions, 38 additional payments*, 17 enhanced claim payments and Children's Cover.
*20 of these conditions are covered under 1 additional payment condition 'Less advanced cancers'
With LV= Combined Life and Critical Illness cover, all these features and benefits come as standard - no additional optional costs or no additional underwriting.
You can be confident you're recommending a provider and solution that will offer comprehensive cover and support from day one, throughout at the policy and during and after any claim.
To discover more, contact your LV= Account Manager or LV.com/more-inclusive
