LV= pays out £135m on individual claims in 2023

94% of claims paid out

Jaskeet Briah
clock • 3 min read

LV= paid out £135m in individual protection claims during 2023, which is up 6% from £127m paid out the year prior and marks the highest on record that LV= has paid out for protection claims.

The provider paid out 94% of all individual claims across life, critical illness (CI) and income protection (IP), supporting 8,115 claimants and their families. Overall, 6% of protection claims were not paid out in 2023, with misrepresentation or fraud accounting for 73% of these denied claims. Common areas of misrepresentation included failing to accurately disclose existing medical conditions, alcohol units consumed and smoking status. Last year, LV= could not pay nearly 19% of new IP claims, 16% of CI claims, 15% of new personal sick pay claims and 2.9% of all life claims. Life ...

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