Figures from protection specialist LV= show life insurance, critical illness and income protection claims caused by coronavirus have totalled more than £12m* since the start of the pandemic.
LV= paid its first COVID-related claim a year ago, on 16 March 2020. The latest LV= Protection Pays – A Year of Covid report reveals that LV= has paid more than 1,400 pandemic-related claims since then totalling £12.1 million (up to 11th March).
For COVID death claims, the youngest claimant was 44 years old, with an average age of claimants of 67 years. Coronavirus was responsible for 42% of all LV= death claims in January 2021, with the number of admitted death claims 40% higher than in January 2020.
LV= has supported 332 COVID-related claims for policyholders with personal sick pay and income protection policies, paying out over £146,000. Most common occupations of claimants were nurses, care workers, carpenters, warehouse and factory workers.
Demand for LV= non-claim related mental health support, through LV= Doctor Services has risen five-fold during the pandemic, with an 88% rise in use of remote GP services.
More than 250 members have been supported through the LV= payment break option. Funded through the LV= Member Support Fund, payment breaks offered a month at a time, for up to six months, to members experiencing financial distress. Policyholders are still able to claim during a payment break, and there’s no requirement to repay missed premiums.
“The Covid-19 pandemic has been devastating. It is having a huge impact on people and we expect to see the effects on claims lasting for several years. Not only have people been affected directly by the virus, millions of people around the UK are struggling with mental health issues caused by isolation, coping with lockdown and financial worries.
“I am a strong believer that protection insurance is not only about paying claims; it’s about supporting customers when they are at their most vulnerable and proving emotional and practical support when they need it.
“I believe we can be proud of how we’ve responded and how we’ve stepped forward to look after our members throughout the pandemic. We’ve been there for our claimants and their families in their hour of need, and supported our members through the emotional, financial and practical challenges thrown at them.”
LV= offers members emotional and practical support that policyholders can access every day.
LV= Doctor Services provides members with convenient access to six expert medical services - 24/7 Remote GP, Prescription Services, Second Opinion, Remote Physiotherapy, Remote Psychological Support and Discounted Health MOTs - provided by Square Health.
The LV= Member Health & Wellbeing Line gives 24/7 access to qualified medical professionals and counsellors, if members are experiencing emotional distress, and trained nurses can offer a sympathetic ear and practical information on a range of health-related issues.
Notes to Editors
*Figures to 11 March 2021