LV= pays more than £6m for coronavirus claims

Protection specialist LV= has paid more than £6m in coronavirus-related income protection and death claims to 5731 individuals and families.

384 Death claims paid

LV= received 384 coronavirus-related death claims from members totalling over £6.02m, including non-underwritten life policies. The highest claim value was £800,000 the oldest claimant was 87 and the youngest was 44. The gender split for death claims 71% male, 29% female.

190 Personal sick pay claims paid

Seven months since LV= received its first COVID claim (16 March 2020), LV= has paid out nearly 190 pandemic-related claims to policyholders with short waiting period Personal Sick Pay policies.

Payments totalled £64,000 with the most common claimant occupations being nurse, care assistant, carpenter, hairdresser and builder. The youngest claimant was 21 and the oldest 63, with an average age of 37 years. Claims – 72% male and 28% female – were all assessed individually by telephone and paid into accounts within two days.

LV= Member support services

LV= offers members emotional and practical support that they can access every day.

LV= Doctor Services provides members with access to six expert medical services provided by Square Health. Over the COVID period LV= has seen an 89% increase in LV= Dr Services app downloads and 116% increase in remote GP appointments. (Figs Jan-May 2020 compared to same period in 2019).

As part of our Member Care Line, policyholders can access a 24/7 Health and Wellbeing Line for in-the-moment counselling and immediate help on any worries or concerns that they may have. This is operated by UK trained counsellors who are experienced in supporting on a range of issues.

Earlier this year, LV= introduced a dedicated counselling line for 16-23 year olds to support on with a range of mental health issues including stress, anxiety and depression.

Since the start of the coronavirus outbreak, LV= has introduced measures to help members keep their policy in place.

  • A premium reduction option for members with income protection, critical illness, life insurance and business protection policies can reduce their cover and premium amount for up to six months.
  • ‘Payment break’ financial support for qualifying members. Funded through the LV= Member Support Fund, payment breaks are offered a month at a time, for up to three months, to members experiencing financial distress.

LV= members facing extraordinary or unusual circumstances can also apply for financial or practical support through the LV= Member Support Fund. If they meet the criteria, this could be a lump sum payment to help them through hardship. In the first six months of 2020 we have been able to support 44 member and their families with financial support totalling £35,000.

Debbie Kennedy, Director of Protection at LV=, said:

"The financial and emotional impacts of the coronavirus and lockdown are far reaching, worrying and uncertain. I’m proud of how we're adapting to offer reassurance and support where we can; it’s in times like these that the strengths of mutuality can come to the fore.

“Since the start of the outbreak, we have been reviewing every aspect of what we do - including flexing our underwriting and claims processes and options to best support our members, and to help people get the cover they need in place without delay.

“Protection is more than the pure insurance benefit and paying claims, it can also help with everyday challenges too. The emotional and practical support through LV= Doctor Services and our Member Care Line, including 24/7 counselling and remote GP services, are proving invaluable during this time.

“For our existing members, we're offering more options for those struggling to make ends meet, with much needed financial relief and with the reassurance that they can keep their policy in place.

1 Figure to 31st August 2020

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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.