Legal & General pays out record £921m in retail protection claims in 2023

Legal & General paid out an average of over £2.5m in retail protection claims a day in 2023, providing over £921m to customers across life insurance, income protection and critical illness products.

In total, 18,696 claims were paid across Legal & General’s protection product offering, representing a 5% increase on the previous year.

Over the past five years, Legal & General has paid out over £4bn in claims to its protection customers.

In 2023, claims with a combined value of over £765,000 were paid to customers who had previously considered cancelling.

David Banks, director of claims and underwriting at Legal & General Retail, said: “We are proud of our claims paying record and the ability to help individuals and their families during their time of need.

“We have supported more people than ever in 2023, demonstrating the value of protection, especially at a time of rising living costs and financial uncertainty.”

He added: “At Legal & General, we’re committed to ensuring more people have and keep their cover in place.

“Our customer story shows that communicating the value of protection throughout a person’s journey, and not just at the point of sale, can contribute to better customer outcomes.  

“Beyond paying the claim, we also offer our customers extensive umbrella benefits – a package of value-added services and optional benefits.

“Our additional wellbeing services include a range of emotional and physical health support.

“All of which can have a positive impact on our customer’s lives before, during and after a claim.”