Life and pensions mutual insurer LV= has outlined its individual protection claims numbers for 2023.
Below are the figures, as reported by LV=.
|
Protection cover type |
Total 2023 payouts |
Number of individuals and families supported |
|---|---|---|
|
Critical illness |
Over £27 million |
Over 370 |
|
Life insurance |
Over £87 million |
Over 5,500 |
|
Income protection |
Nearly £17.2 million |
Over 1,100 |
|
Personal sick pay |
Nearly £4 million |
Over 1,100 |
|
Overall |
£135 million |
Over 8,000 |
It was noted that the highest payment in 2023 for critical illness claims was £618,000; for life, including terminal illness, £2 million.
“In 2023 LV= paid out £135 million in protection claims, which is the highest on record LV= has paid out for protection claims,” LV= underwriting and claims head Anna Rogers highlighted. “More than 8,000 individuals and their families have benefited from having an LV= protection policy in place, and we’re proud to have supported them through the difficult moments in their lives.
“The value of protection is worth so much more than an insurance payout. The LV= Doctors Services provides valuable support throughout the life of the policy, and members also benefit from our Legal Advice Line and Member Support Fund. When people are going through a life-changing event, the relief of knowing that their finances are taken care of can make a difference.”
Rogers added: “We were unable to pay 6% of claims, and a good proportion of these outcomes could have been avoided. Providers and advisers must work together to educate customers on the importance of full and accurate disclosures in their applications. This would help break down some of the preconceptions out there about insurance.”
It was noted that of the 6% that were not paid, more than seven in 10 were declined due to misrepresentation or fraud.
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