LV= pays 94% of individual protection claims in 2019

Totalling £100m

Adam Saville
clock • 2 min read

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Half of UK adults do not have a will: Canada Life

Half of UK adults do not have a will: Canada Life

61% of those who wrote their own will did not seek advice

Jaskeet Briah
clock 22 March 2024 • 2 min read
Aviva pays out £1.18b for individual protection claims in 2023

Aviva pays out £1.18b for individual protection claims in 2023

Over £413m paid out across group protection

Jaskeet Briah
clock 21 March 2024 • 3 min read
Beneficiary nomination used on 68% of Guardian's life insurance policies

Beneficiary nomination used on 68% of Guardian's life insurance policies

Accounted for 74% of life insurance claims paid

Jaskeet Briah
clock 20 March 2024 • 2 min read