Investment, protection and retirement specialist LV= paid individual protection claims totalling £127m during 2022.
LV= supported more than 8,000 claimants and their families paying 95% of all individual protection claims including life, critical illness and income protection.
LV= paid out more than £28m in Critical Illness claims in 2022 to more than 360 individuals and families, with the highest payment of more than £400,000.
Cancer accounted for 56% of all critical illness claims, followed by heart attack (14%) and stroke (7%). Almost six out of 10 claims were made following a cancer diagnosis, with breast (24%), prostate (14%), bowel (13%) and skin (10%) accounting for most claims.
In addition, LV= paid a total of over £544,000 for 25 claims involving children from newborn to 17 years old.
Life Insurance claims (including terminal illness claims) totalled more than £80m, supporting 5,000 families and their loved ones.
The highest claim payment was £1m and the top causes for claims were cancer (40%), heart-related conditions (20%), respiratory (9%), Covid-19 (6%) and stroke (5%). The average age at claim was 63 and the youngest was 25.
LV= paid nearly £15m in Income Protection (IP) claims to more than 1,000 individuals and families. Musculoskeletal issues (25%), cancer (20%), mental health (12%) and fractures (10%), accounted for over half of all income protection claims. The top occupations making a claim were doctor, dentist, nurse, teacher and vet.
Anna Rogers, head of underwriting and claims at LV=, said: “I’m proud that in 2022 LV= paid out £127m in protection claims; it’s the highest-ever amount we have paid for protection claims.
“Almost 8,000 individuals were supported by a LV= protection policy – and that’s not counting the numerous families and loved ones who a protection policy has also supported.”
She added: “Protection insurance has an important role to play helping people improve their financial resilience and ensure that an injury or illness does not become a financial disaster for families.
“Our help does not start and end with a claim payment. Having a policy with LV= is more than an insurance payout.
“For example, the LV=Doctors Services provides valuable support throughout the life of the policy and members also benefit from our mutuality with support via our Legal Advice Line and Member Support Fund.”
