If the one you are talking about is the one with Europäische Reiseversicherung? They are normally really good however my annual plan is with them directly and not via the LH credit card so I don't know if there is a diffenrence. I would print up you policy details and get the ones ERV publishes for their direct plans and see if there are any differences in the direct comparison...

Check things like who is insured (just immeadate family - wife & kids or does it also incl. the parents etc.)

Look what the max coverage is?

Look to see if you actually have to pay for all elements of your trip with the card? Be careful when you pay with things like paypal you might not be insured.

There a whole lot of other things you might need to compare.