Protection claim payouts soar to £98 million at LV=
New figures reveal that protection specialist LV= paid record individual protection claims totalling £97.9 million during 2018 – up £10 million up from 2017. Through the course of the year, LV= supported over 7,400 new and existing claimants and their families, as they dealt with life-changing events.
Payouts to new and existing income protection (IP) claimants totalled over £14 million, with musculoskeletal problems (33%), cancer (23%) and mental health (20%) the most common conditions for new claims. During the year LV= paid out nearly £5million to support new and existing claimants with mental health issues.
2018 also saw LV= expand its tele-claims service to all new IP claimants to help improve their experience of making a claim. Specially trained claims professionals are on hand to speak to customers, talk through their individual situations, advise on any extra supporting evidence that may be needed and start the process of organising any appropriate early intervention support.
Through its new partnership with Innovate – a leading early intervention specialist – LV= offered individual rehabilitation, emotional and back-to-work support to over 100 IP claimants in the second half of 2018.
Some of the features recently added to the LV= protection products have already started to make a difference to policyholders. For example fracture cover, which was added to IP policies in 2017, saw a number of claims in 2018 – the lump sum benefit payout helps avoid short-term income shocks resulting from injuries and is paid with no need to make a full IP claim.
Overall, LV= settled 94% of all individual protection claims across its life, critical illness, terminal illness, income protection and unemployment policies.