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