The Association of British Insurers currently sets out a definition for each illness or injury covered by a critical illness policy to ensure that an appropriate standard is met by all insurers.
Some insurers have added value to their product by relaxing their minimum requirement on certain conditions; this is called an ABI+ definition.
Life insurer Ageas currently offer 15 ABI+ definitions with their critical illness cover. LV have become the latest insurer to improve their critical illness cover to include more conditions as well as more ABI+ definitions.
This enhancement has seen the number of ABI+ definitions offered by LV increase to 16. They have also increased the total number of conditions covered from 38 to 48.
As insurers work to increase the value of their critical illness policies, will we begin to see an increase in the number of customers taking out this valuable cover?