LV cost far more

MrNorfolk123

Just after an opinion on LV please.

Refering to critical illness cover.
They are always alot more expensive than competitors but cover alot more types of illness. In the case im looking at Legal and General are £23 while LV are £30 for the same policy.

My broker says they are worth the extra £7 a month and looking at their website they do appear to be alot better.

What do you think of LV are they worth the extra?

MrNorfolk123

Anyone got any opinion on LV being better than the rest?

pjereed

Insurance (especially Critical Illness cover) should never be based on cost alone. No two insurers are the same when it comes to Critical Illness.


You mentioned that they cover a lot more illnesses which is good - also worth checking incident rates (which can be tricky to do unless your adviser is providing good evidence of this). In my view, if paying a little extra means there is a better chance of me being able to make a claim, then it's money well spent.


LV= as a company are more than reputable too.

Weighty1

LV= cover about 5 more conditions and have about 16 additional partial payment conditions over and above L&G. LV= also offer a double payout for certain injury related critical illnesses and 150% payout for certain neurological conditions before age 45.

Without knowing your personal circumstances nobody here can say which is best for you. Did your broker only look at these 2 providers? Did they recommend long term income protection (formerly known as Permanent Health Insurance) for you as well?

For most clients PHI offer the more comprehensive and easier claimed on cover.

MrNorfolk123

He is a whole of market broker. L&G were just the cheapest option (although I know that doesn't mean the best)

He did a questionairre which ranked all the providers and my risk levels. LV came out top.

I just wondered what others thought of LV to check he wasn't just selling me that one because he gets more commision.

Money is tight for me so for the moment I'm getting the mortgage covered with life and critical illness cover. As well as family income benefit to pay £1000 and month if either me or my wife dies.

I do need to look and income protection and other things eventually but they are far more expensive. So am looking to do that later just need the absolute essentials covering ASAP.

Weighty1

So would the combination of life insurance and income protection not have been cheaper than life insurance with critical illness cover? In a lot of instances it is.

Also, you say you want to cover the absolute essentials. Is your income not the thing which is most essential to you?