Claims – LV= major protection products – 2022
Protection 2022 | Critical illness | Income protection | Personal Sick Pay | Life** |
Total value paid | £28.3m | £14.7m (Includes £2.3m of new claims and £12.4m of claims already in payment) | £3.3m (includes £2.2m of new claims, and £1.1m of claims already in payment) | £80.6m |
Average claim | £77,705 | £6,441 (average amount new claims) | £2,330 (average amount paid in new claims) | £14839 |
Highest claim | £400,000 | - | - | £1m |
Average Policy duration at claim | 8 years 4 months | 6 years 9 months | 4 years 3 months | 8 years 6 months |
**These figures include claims for Life Insurance, (including Terminal Illness claims) and whole of life products. Our whole of life products are no longer open to new business.
About the claims stats
*Income protection figures include new claims of £2.3m, and claims already in payment that continued to be paid in 2022 of £12.4m
**Personal sick pay figures include new claims of 2.2m, and claims already in payment that continued to be paid in 2022 of £1.1m
*** These figures include claims for Life Insurance, Family Income Benefit, Terminal Illness and whole of life products (some of which are non-underwritten products). Our whole of life products are no longer open to new business.