LV= coronavirus claims total more than £12m
- LV= supported over 1,400 policyholders and families with COVID- related clams, paying out over £12million
- Demand for LV= mental health support has risen more than five-fold
Figures from protection specialist LV= show life insurance, critical illness and income protection claims caused by coronavirus have totalled more than £12m* since the start of the pandemic.
LV= paid its first COVID-related claim a year ago, on 16 March 2020. The latest LV= Protection Pays – A Year of Covid report reveals that LV= has paid more than 1,400 pandemic-related claims since then totalling £12.1 million (up to 11th March).
For COVID death claims, the youngest claimant was 44 years old, with an average age of claimants of 67 years. Coronavirus was responsible for 42% of all LV= death claims in January 2021, with the number of admitted death claims 40% higher than in January 2020.
LV= has supported 332 COVID-related claims for policyholders with personal sick pay and income protection policies, paying out over £146,000. Most common occupations of claimants were nurses, care workers, carpenters, warehouse and factory workers.
Demand for LV= non-claim related mental health support, through LV= Doctor Services has risen five-fold during the pandemic, with an 88% rise in use of remote GP services.
More than 250 members have been supported through the LV= payment break option. Funded through the LV= Member Support Fund, payment breaks offered a month at a time, for up to six months, to members experiencing financial distress. Policyholders are still able to claim during a payment break, and there’s no requirement to repay missed premiums.