LV= pays out £127 million on individual claims in 2022

The provider said the total pay outs made in 2022 is the highest amount LV= has ever paid out for protection claims, although the number of individual protection claims dropped marginally last year to almost 95% from 96% in 2021. Misrepresentation or fraud was the reason 70% of claims were denied, with the most common types of misrepresentation being smoking, alcohol, BMI, health history and health problems not being disclosed, while other reasons for denied claims include not meeting the policy definitions. Overall, life insurance claims represented the largest pay outs at over £80.6...