LV= coronavirus claims total more than £19 million

  • LV= supported almost 2,000 policyholders and families with COVID-related claims, paying out over £19 million, since March 2020
  • LV= supported 300 existing policyholders with Payment Breaks, helping them keep their cover in place through times of financial hardship.

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.   


Anna Rogers, Head of Underwriting and Claims at LV=, said: 

“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.”

About LV= support services

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.

 

For further information please contact:

David Gwyer
Media Relations Manager – Life & Pensions
07798 796907
Candice South
Press Officer - Life & Pensions
07867 141547

About LV=

LV= is a leading financial mutual and serves over 1.3 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs. 

LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.