Legal & General (L&G) paid out over £1bn in retail protection claims in 2024 across life insurance, income protection and critical illness products.
This amounts to an average of £2.5m paid in retail protection claims a day.
In 2024, L&G paid over 20,000 claims – supporting customers during bereavement, lost income, and critical illness.
The business also paid over £100m more in claims than the previous year.
This marks an increase in both the volume of claims accepted for the third consecutive year, and an increase in the total amount paid in retail protection claims over the same period.
The launch of L&G’s online claim submissions capability, designed to streamline the claims process, reduced follow-up requests for additional documentation to assess the claim by more than 25% for Critical Illness claims as more complete information is received at outset.
Available through L&G’s protection self-serve portal, My Account, customers with eligible products can submit a claim and any supporting information digitally. Once submitted, they can track the claim with real-time status updates.
David Banks, director of claims and underwriting, retail protection at L&G, said: “We’re proud that we’ve been able to consistently support individuals and their families at times of immense stress and hardship.
“We’re committed to enhancing the experience for our customers by refining every stage of the claims journey. We’ve invested in our people and process to make continual improvements to our claims philosophy, service and processes.
“Digital claims, for example, has already made a positive impact and we expect this to continue.”
He added: “Our focus is on delivering the best outcomes for our customers during what is often one of the most challenging periods of their lives.
“By continually improving our processes and investing in technology, we aim to create a smoother, faster, and more transparent system that alleviates stress, pays claims as quickly as possible and provides peace of mind.”
