How many claims did Liverpool Victoria payout in 2019?
LV= paid a total of £100m in protection claims during 2019. 94% of all those it received.
Life insurance claims totalled £60m.
Critical illness claims
LV= paid out over £23m in critical illness claims in 2019. With an average payout of £71,300. The main reasons for the claims were:
- Cancer 57%
- heart attack (13%)
- stroke (7%)
LV= paid a total of £275,000 for claims involving children aged between two and 17.
Income protection claims
LV= paid more than £14m in income protection (IP) claims to nearly 1,000 individuals.
The main reasons for the claims were:
- mental health (29%)
- musculoskeletal issues (25%)
- cancer (15%)
The youngest claimant was 19 and the longest ongoing payment following a claim is 33 years.
Claims for ‘personal sick pay’ protection, which is designed for self-employed and contract workers, totalled £2.8m with payments made to 1,162 individuals. The youngest claimant was 18 and the top reasons for claims were musculoskeletal (46%), accidents (17%) and viruses (11%).
In total, LV= declined 474 claims. The main reasons for them declining claims were:
- failure to disclose existing medical conditions
- misrepresentation and fraud
- not meeting the policy definitions
LV= has provided a breakdown of declined claims by product category and reasons in its latest claims report.
Debbie Kennedy, director of protection at LV=, said “Sadly, we’re unable to pay every protection claim and 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 to ensure our protection promise delivers every time when it’s needed most.”
Debbie Kennedy, continues: “Last year LV= paid out more than ever in income protection, critical and life assurance claims. This highlights 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. Through our new claims report, we can help to demonstrate the positive difference that the practical, emotional and financial support contemporary protection can offer.”
Source: Cover Magazine April 2020
For more about Liverpool Vic and their claims record click here.
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