LV= pays out nearly £152 million in protection claims in 2025, its highest on record

Investment, protection and retirement specialist LV= has reported another record year for protection claims, paying nearly £152 million to claimants in 2025 – an increase of almost £15 million compared with 2024. The mutual supported more than 8,000 people and their families, paying 95% of all individual protection claims across life insurance, critical illness and income protection*.

The findings, published in LV’s latest claims report, highlight the role of protection beyond the point of claim. Members also benefited from a range of value-added services, including LV= Doctor Services, which provides access to six medical support services for policyholders and their immediate families from policy outset. Services used were led by 24/7 remote GP access (78%), alongside mental health support (11%) and physiotherapy (11%). People aged 26-45 accounted for 67% of all users, while 13% of 24/7 remote GP appointments were made for children (aged 15 and under).

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

“Our 2025 claims experience reflects both the scale of support we provide and the importance of protection in delivering financial resilience. We are particularly pleased to have supported so many customers and their families, with a record level of claims paid during the year.

“Income protection in particular continues to play a vital role, not only through regular claim payments, but through the additional features and support it offers when customers need it most. Behind every claim is an individual and their family facing challenging circumstances, and our focus remains on providing practical, timely and compassionate support.

“Transparency is also key. While we are proud of the proportion of claims paid, it is important to clearly communicate the reasons why some claims are not met, reinforcing the importance of accurate disclosure at application. We want to help people continue to live financially confident lives.”

About the claims (full details are available in the LV= Claims Report 2025)

Income protection (IP)* payments totalled £18.1 million, supporting over 1,100 individuals who were unable to work due to illness or injury. The primary reasons for the claims were musculoskeletal issues (37%), cancer (20%), mental health (14%) and gynaecological conditions (4%).

Beyond core claim payouts, LV’s income protection offering provided additional financial support through built-in features designed to deliver value throughout the policy. Parent and child cover, built into LV’s income protection offering since 2018, provides parents with a lump sum payment of up to £25,000 if their child is diagnosed with one of the 54 listed conditions. In 2025, LV= paid just under £68,000 in parent and child cover claims, supporting families with financial breathing space after their child experienced a serious illness. LV= also paid £105,000 in death benefit claims to families who sadly experienced the loss of a loved one and a further £80,000 was paid in fracture cover claims.

These features, alongside access to value-added services and flexible support options such as payment breaks, are designed to ensure customers can access support before, during and beyond a claim. 

Personal sick pay** claims totalled £4.3 million, supporting more than 1,000 individuals in higher-risk occupations, including HGV drivers, construction workers and warehouse employees. The top reasons for claims were musculoskeletal (50%), fractures (10%), coughs, colds, flu and sore throats (7%) and cancer (5%), and the youngest claimant was just 17 years old.

LV= paid 98% of all life claims***, paying out more than £80 million to support more than 5,500 families and loved ones. The highest payment was £1.1 million and the top causes for claims were cancer (40%), followed by heart-related conditions (18%), respiratory conditions (11%) and stroke (4%). The average claimant age was 66, while, sadly, the youngest claimant was 26.

Critical illness claims were nearly £33 million in total, and LV= supported 444 individuals and their families. The highest claim payment was £1.2 million. 60% of claims were related to cancer, followed by heart attack (12%) and stroke (6%). The most common cancer types were breast (34%), prostate (10%) and bowel (9%).

LV= also paid almost £804,000 in children’s critical illness claims for 32 children who were sadly diagnosed with a serious illness, with cancer being the most common claim. This highlights the importance of comprehensive protection in supporting families through unexpected and challenging circumstances.

LV= paid 95% of claims overall in 2025. The remaining 5% were declined, primarily due to misrepresentation or non-disclosure at application, including smoking status, alcohol consumption and inaccuracies relating to medical history. A more detailed breakdown can be found in the latest claims report.

 Notes to Editors

• Claims – LV= major protection products – 2025
• About the claims stats
  *Income protection figures include new claims of £3m, and claims already in payment that continued to be paid in 2025 of £15.1m
  **Personal sick pay figures include new claims of £2.7m, and claims already in payment that continued to be paid in 2025 of £1.7m
  *** These figures include claims for Life Insurance, Family Income Benefit, Terminal Illness and whole of life products (some of which are non-underwritten products). Our whole of life products are no longer open to new business.