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LV= protection claim payouts hit £135 million in 2023


Leading life and pensions mutual insurer LV= paid individual protection claims totalling £135m during 2023, up 6% since 2022. LV= supported more than 8,000 claimants and their families paying 94% of all individual protection claims including life, critical illness and income protection.

About the claims (Full details are available in the LV= Claims Report 2023)

LV= paid out more than £27m in Critical Illness claims in 2023 to over 370 individuals and families, with the highest payment of more than £600,000. Cancer accounted for 59% of all critical illness claims, followed by heart attack (10%) and stroke (5%). The most common forms of cancer claims were breast (25%), bowel (13%) and prostate (12%). In addition, LV= paid a total of over £605,000 for 25 children’s claims. The majority were cancer claims, with the youngest claimant being one day old.

Life Insurance claims (including terminal illness claims)*** totalled more than £87m, supporting 5,500 families and their loved ones. The highest claim payment was £2m and the top causes for claims were cancer (36%), heart-related conditions (23%), respiratory (9%) and stroke or brain haemorrhage (5%). The average age at claim was 65 and the youngest was 28.

LV= paid nearly £17.2m in Income Protection (IP)* claims to more than 1,100 individuals and families. Musculoskeletal issues (33%), cancer (23%) and mental health (15%) accounted for over half of all income protection claims. The average length of a claim was five years 10 months for full Income Protection. We paid almost £89,000 in Parent and Child cover claims after their child suffered a serious illness. The average age of the child at claim was seven years old. 

Claims for Personal Sick Pay** protection, which is designed for those in higher risk occupations and those who are self-employed, totalled almost £4m with payments made to more than 1,100 individuals. The youngest claimant was 17 and the top reasons for claims were musculoskeletal (45%), fractures (10%), coughs and colds (6%) and mental health (5%). 

Overall, 6% of LV= protection claims were not paid out in 2023. Of the 6% which were not paid, over 7 in 10 were because of misrepresentation or fraud. Common areas of misrepresentation included failing to accurately disclose existing medical conditions, alcohol units consumed and smoking status.  LV= also reported on claims that couldn’t be paid due to not meeting the policy definitions, with a more detailed breakdown of these in its latest claims report.

“In 2023 LV= paid out £135m in protection claims which is the highest on record LV= has paid out for protection claims. More than 8,000 individuals and their families have benefited from having a 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.

“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.”
Anna RogersHead of Underwriting and Claims

Notes to editors

Claims – LV= major protection products – 2023

Protection 2023 Critical Illness Income Protection Personal Sick pay Life
Total Value £27.1m

£17.2m (includes £3.6m of new claims and £13.6 of claims already in payment)

£3.9m (includes £2.5m of new claims and £1.4 of claims in payment)

Average Claim £72,856 £8,134 £2,861 £15,719
Highest Claim £618,355



About the claims stats

*Income protection figures include new claims of £3.6m, and claims already in payment that continued to be paid in 2023 of £13.6m
**Personal sick pay figures include new claims of 2.5m, and claims already in payment that continued to be paid in 2023 of £1.4m
*** 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.