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Lifetime cover gives you a yearly limit, regardless of the number of conditions, but it is fully replenished at renewal, meaning you always have funds to spend.
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The terms lifetime or lifelong mean whatever the companies choose them to mean I'm afraid. Petplan (as the known example) use the term 'cover for life' and therefore other companies couldn't use it because it would imply they offered the same cover so they invented other terms. They hope customers will think it offers the same as cover for life and bring in custom because their quotes are cheaper. I would say it's been quite a successful marketing strategy.