How many claims did Liverpool Victoria (LV=) payout in 2021?
LV= paid 96% of all individual protection claims during 2021 including life, critical illness, and income protection. Totalling more than £119 million.
In 2021, 16% of all death claims were related to Covid-19 with payouts of £11.3 million. This equated to 724 life assurance claims throughout the year.
Life assurance claims (including terminal illness and Over 50’s cover) reached almost £74 million. LV= stated that the main causes for these claims included:
- Cancer (39%)
- Covid-19 (16%)
- Heart-related conditions (15%)
Critical Illness Insurance
Over £28 million was paid out in critical illness claims to 362 individuals and families. The highest payment paid was £449,982. Claims arose from:
- Cancer claims 58%
- Heart attack (11%)
- Stroke (8%)
For cancer claims,
- (32%) were made following a breast diagnosis
- 12% for bowel
- 7% for prostate
LV= claims involving children from newborn age to 18 years old accounted for payouts of £223,250.
Income protection claims for 1,000 individuals and families reached £13.6 million last year and 58% of claims arose from:
- (20%) musculoskeletal issues
- (20%) fractures
- (17%) cancer
LV= payouts for Personal Sick Pay protection, which is aimed at people who are self-employed or who are contract workers, totalled over £2.7 million, with payments made to 1,112 individuals.
209 Covid-related income claims were paid out to over 900 individuals and their families.
LV= confirmed that the main reasons for claims which were not paid included failing to disclose existing medical conditions at the application stage, misrepresentation, fraud, or not meeting the policy definitions for incapacity.
LV= Rise in demand for additional benefits
LV= saw an increased demand for additional support through LV= Doctor Services. Demand rose by 13% and access was provided to six medical services via apps or phone.
LV= Financial support
Anna Rogers, head of underwriting and claims at LV= said: “In 2021, Covid continued to dominate our lives and was a key element in our claims experience across multiple products. We do expect to see these claims reduce as we continue to live with the virus and testing decreases.”
“The LV= Wealth and Wellbeing Monitor revealed that one in four people didn’t have protection insurance because they didn’t know enough about it. We still have some way to go to build public trust and demonstrate just how important protection is,” Rogers added.
Source: Cover Magazine April 2022
For more about Liverpool Vic and their claims record click HERE
Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.Call me back
Interested in related stories
- Read Jon’s moving story about his cancer diagnosis.
- The protection industry pays out £6.2bn on 2020 claims
- The Benefits of an Index-Linked Life Insurance policy
- The Importance of putting your policy in Trust
- What questions will I be asked when I speak to an adviser about Life Insurance?
Links to third-party websites exist for information only and we accept no responsibility or liability for the information contained on any such sites. The existence of a link to another website does not imply or express endorsement of its provider, products or services by us or St. James’s Place.