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Last year LV= paid out more than ever in income protection, critical and life assurance claims, highlighting the important roles that protection and advice can play for individuals, families and businesses when they face life’s greatest challenges.
I hope these figures and the individual stories behind them will build consumer confidence in our industry, and through our new claims report we can help demonstrate the positive difference that the practical, emotional and financial support of contemporary protection can offer.
Insurance should be more than just about providing cover and paying claims; it should also help people improve the quality of their lives from day one. That’s why we offer our members additional services such as expert counselling for emotional health issues and legal advice. Plus, through LV= Doctor Services, policyholders can quickly and conveniently access help for everyday life issues, through their mobile device.
As we share our latest claims performance, the coronavirus pandemic is creating greater uncertainty, worries and has far-reaching impacts. I’m proud how we're adapting to offer reassurance and support where we can; it’s in times like these that the strengths of mutuality can come to the fore. So far, we have extended access to LV= Doctor Services, and are offering additional financial hardship funding for those members in extreme financial distress. We’re reviewing every aspect of what we do.
Sadly, we’re unable to pay every protection claim; these are hard decisions to make. While they represent a small proportion off overall claims, last year these stretched into hundreds of cases. Which is why in our claims report we share the claims we can't pay and why, to help advisers support their clients and emphasise the importance of disclosure. We’re committed to working with advisers and partners to ensure our protection promise delivers every time, when it’s needed most.
|Type of product||Total value paid||Average claim paid||Average age of claimant|
|Non-underwritten (over 50s whole of life)||£14,532,436||£2,967||74|
|Personal Sick Pay||£2,825,177*||£1,816||38|
|Term Life Insurance||£38,805,137||£59,608||63|