How many Protection claims were paid by Legal & General in 2019?
Legal & General (L&G) paid out a total of £731m worth of claims in 2019. Claims paid across life, critical illness, terminal illness and income protection policies. Equating to £2m per day being paid to more than 15,000 customers and their families.
The insurer has paid nearly £3bn to individuals and families over the past five years.
L&G paid 97% of life insurance claims in 2019 – a total of around £392.4m across 10,721 pay-outs.
The average payout was £36,608 and the three main conditions that resulted in the claim were for:
- cancer (37%)
- heart-related diseases (18%)
- respiratory illnesses (5%)
The insurer paid out £111.8m across 1,066 terminal illness claims in 2019 (95%). The majority were caused by a cancer diagnosis (94%) and the average customer pay-out was £104,911.
Critical illness claims
For critical illness (CI), it paid 92% of claims and a total of £224m across 3,351 policies. The average pay-out was £66,857.
The most common conditions were:
- cancer (66%)
- heart attacks (21%)
- stroke (6%)
For children’s Critical illness cover, Legal & General paid out more than £2.1m to 140 customers, representing 96%. The average pay-out was £15,182. Cancer was the cause behind the highest proportion (63%) of claims, followed by child funeral benefit (14%), blindness (2%) and strokes (2%).
Income protection claims
For income protection, L&G paid 93% of claims to 483 people.
The three main reasons for claims were:
- Musculoskeletal disorders (33%)
- cancer (17%)
- mental health (12%)
David Banks, director of claims and underwriting, Legal & General Insurance said: “Our purpose as a business is to support our customers at some of the most challenging times in their lives. An unexpected change in circumstances can have a devastating impact on a family. The importance of financial security cannot be overstated. Especially, for those facing a life-changing condition, or grieving over the death of a family member.
“We take incredibly seriously the responsibility of financially supporting our customers at their most vulnerable. Last year we supported over 15,000 people through paying their claim. But behind our claims statistics are real people. Families who have lost a parent. Renters who are unable to work due to illness or injury. Individuals who have been diagnosed with life-changing critical illnesses. We will continue to place our entire focus on providing this vital financial security for our existing and new customers alike.”
Source: Cover Magazine April 2020
For Legal and General full claims payment figures please click here
If you are interested in arranging protection insurance it really can pay to take expert advice.
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 to 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.
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