LV= paid out almost £137m in protection claims in 2024, up nearly £2m on last year.
The LV= Claims Report found the insurer supported close to 8,000 claimants and their families, paying 95% of all individual protection claims covering life insurance, critical illness and income protection.
The report also revealed that over the last five years, more than £630m was paid in personal protection claims, helping around 38,000 people and their families.
Income protection claims paid reached £18.2m to over 1,100 claimants unable to work due to illness or injury.
Musculoskeletal issues made up 39% of these claims, cancer 21% and mental health 15%.
The average claim lasted five years and eight months, with the youngest claimant aged 17.
The report showed that LV= paid almost £190,000 in parent and child cover to 13 families, and £85,000 in death benefit to 14 families.
Critical illness claims paid were over £33m across 429 claimants, with the highest single payout more than £750,000.
Additionally, cancer accounted for 65% of claims, followed by heart attack at 10% and stroke at 7%.
The most claimed-for cancers were breast at 33%, prostate at 16% and bowel at 8%, according to the LV= report.
LV= paid over £774,000 for 39 children’s claims, mainly for funeral payments.
Life insurance claims, including terminal illness, totalled more than £80m, supporting more than 5,200 families, and the highest payment was over £778,000.
Research revealed that cancer made up 40% of claims, heart-related conditions 20%, respiratory 11% and dementia or stroke 4%.
Average claimant age was 66, with the youngest aged 24.
Personal sick pay protection, aimed at higher-risk jobs, saw payouts of over £4m to more than 1,000 claimants and the youngest was 20.
Data also showed that top occupations included HGV drivers, factory workers, warehouse workers, builders and joiners.
Most claims were for musculoskeletal issues at 48%, fractures at 9%, coughs, colds, flu and sore throats at 5% and mental health at 5%.
Furthermore, the report found that LV= paid 95% of claims in 2024, with 5% not paid.
Of those not paid, over 70% were due to misrepresentation or fraud, often involving undeclared medical conditions, alcohol intake or smoking.
Anna Rogers, head of underwriting and claims at LV=, said: “Reflecting on last year, I’m proud to say that our 2024 payout for protection claims totalled almost £137m, the highest on record in LV= history.
“Behind each of these cases is a real person, and in 2024 we supported almost 8,000 individuals and their families through the difficult times in their lives.
“A feature of our protection policies includes the LV= Doctors Services, which provides valuable support throughout the life of the policy.”
Rogers added: “Members and policy holders also benefit from our Legal Advice Line and Member Support Fund.
“This year, we’ve seen a significant rise in usage of our mental health support, up 61% compared to 2023, and a 20% increase in overall use of LV= Doctors Services.
“Our Reaching Resilience research highlighted that more than half (56%) of working people have experienced at least one life event in the last three years where protection could have supported.”
She said: “Jennie Gow’s story is a real life example that holding a policy with LV= does not just start and finish with an insurance payout.
“Protection has an important role to play in helping people improve their financial resilience and offering valuable peace of mind. We’re here to help people live financially confident lives.”
