LV= supported more than 8,100 claimants and their families with protection pay-outs last year
LV= paid a total of £100m in protection claims during 2019 - 94% of all those it received.
LV= paid more than £14m in income protection (IP) claims to nearly 1,000 individuals. Mental health (29%), musculoskeletal issues (25%), and cancer (15%) accounted for nearly three-quarters of all income protection claims. The youngest claimant was 19 and the longest ongoing payment following a claim is 33 years.
Claims for ‘personal sick pay' protection, which is designed for self-employed and contract workers, totalled £2.8m with payments made to 1,162 individuals. The youngest claimant was 18 and the top reasons for claims were musculoskeletal (46%), accidents (17%) and viruses (11%).
LV= paid out over £23m in critical illness claims in 2019. Cancer accounted for 57% of all claims, followed by heart attack (13%) and stroke (7%), with an average payout of £71,300. LV= paid a total of £275,000 for claims involving children aged between two and 17. Life insurance claims totalled £60m.
In total, LV= declined 474 claims. The main reasons for declining claims were failure to disclose existing medical conditions, misrepresentation and fraud, and not meeting the policy definitions.
Debbie Kennedy, director of protection at LV=, said: "Last year LV= paid out more than ever in income protection, critical and life assurance claims, highlighting the important roles that protection and advice can play for individuals, families and businesses when they face life's greatest challenges.
"I hope these figures and the individual stories behind them will build consumer confidence in our industry, and through our new claims report we can help demonstrate the positive difference that the practical, emotional and financial support of contemporary protection can offer."
LV= has provided a breakdown of declined claims by product category and reasons in its latest claims report.
Kennedy added: "Sadly, we're unable to pay every protection claim; these are hard decisions to make. While they represent a small proportion off overall claims, last year these stretched into hundreds of cases. Which is why in our claims report we share the claims we can't pay and why, to help advisers support their clients and emphasise the importance of disclosure. We're committed to working with advisers and partners to ensure our protection promise delivers every time, when it's needed most."
During March 2020
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97% of life claims
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