Provider, L&G, paid out over £1 billion in retail protection claims across 2024, with over 20,000 pay outs processed.
The claims cover life insurance, income protection (IP) and critical illness (CIC) products, the total amount paid out exceeds L&G's 2023 total by more than £100 million. The insurer paid an average of £2.5m in claims every day in 2024, it said that the year also marked the third consecutive year that volume and total amount paid in retail protection increased. David Banks, Director of Claims and Underwriting, Retail Protection, L&G, said: "We're proud that we've been able to consistently support individuals and their families at times of immense stress and hardship." L&G highlight...
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