Figures from protection specialist LV= show life insurance, critical illness and income protection claims caused by coronavirus have totalled more than £19million* since the start of the pandemic.
LV= paid its first COVID-related claim on 16 March 2020 and since then has paid nearly 2,000 pandemic-related claims (up to 15 March 2022). This figure includes 1,400 death claims, totalling £18 million. For COVID death claims**, the youngest claimant was just 32 years old, with an average age of claimants of 64 years.
LV= has supported 550 COVID-related claims for policyholders with personal sick pay and income protection policies, paying out over £427,000. The top occupations to claim were nurses, care assistants, carpenters, warehouse and factory workers. LV= is supporting several income protection claimants through the effects of long-Covid.
More than 300 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 three 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.
In April 2021, LV= were the first major insurer to remove any pandemic underwriting restrictions for protection insurance, against the backdrop of an improving death rate across the UK underpinned by the successful vaccination programme. LV= will offer life cover up to a 400% loading regardless of vaccination status.
“As we pass the second anniversary of the initial COVID-19 lockdown (23 March 2020), our claims experience demonstrates the far reaching impact the pandemic has had on our policyholders and families across the UK. Not only have people been affected directly by the virus, millions are still dealing with the impact of lockdowns, such as coping with isolation and financial worries.
“At LV=, we strongly believe that contemporary protection insurance is not only about paying claims; it’s about supporting customers from day one, when they are at their most vulnerable and providing emotional and practical support when they need it.”
LV= offers members emotional and practical support that policyholders can access every day, from day one and without the need to make a claim under their policy
LV= Doctor Services (included as standard on all new protection policies) provides 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.
LV= Member Care Line provides members with free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.
LV= Member Counselling Line provides free day-to-day support for dependants age 16-23, while a Legal Advice Line can provides free and confidential legal advice on a range of personal legal matters such as those relating to employment, consumer contracts, property issues, motoring, landlord and tenant, family and wills and probate.