Coronavirus-related income protection and death claims paid to almost 300 individuals and families
Up to 30 April 2020, LV= paid out 146 COVID-19 related claims to policyholders with short-waiting period ‘personal sick pay' policies.
According to the insurer, these claims were assessed through its tele-claims service and payments were in the accounts of policyholders within two days.
LV= said it has also paid out 150 death claims due to COVID-19.
Debbie Kennedy, director of protection at LV=, said: "The death toll from the coronavirus pandemic is shocking and the families who have lost loved ones will be devastated. I'm proud how we're adapting to offer reassurance and support where we can - it's in times like these that the strengths of mutuality can come to the fore.
"We understand the emotional impact of bereavement and are doing all we can to make sure death claims are paid as quickly as possible so that families do not have to worry about the immediate financial impact of bereavement while they are grieving."
LV= recently reported that it paid 94% of all its protection claims in 2019 and released a report for advisers explaining why claims had been denied.
In response to COVID-19, LV= has added ‘payment break' financial support for qualifying existing members with protection policies, it has increased medical non-limits by 10% and introduced a remote medical screenings pilot.
Kennedy added: "Since the start of the coronavirus outbreak, we have been reviewing every aspect of what we do and have introduced a series of measures to help our members, including extending access to LV= Doctor Services.
"Insurance should be more than just about providing cover and paying claims. It should also help provide emotional and practical support at times like these. That is why we offer our members and their families additional services such as expert counselling for emotional health issues and legal advice, along with additional financial hardship funding for those members in extreme financial distress."
