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Keeping you updated on our approach to paying claims and stories to demonstrate the true value of your recommendations.

We want to pay claims and be there for your client when it matters. In 2016 we paid, on average, 9 out of every 10 claims.

Claims

Early payments on death claims: quicker financial support for bereaved families

Families dealing with a bereavement can find themselves faced with unexpected costs, not to mention coping with the devastating loss of a loved one.

To support your client’s family during a bereavement, we’ll offer an optional £10,000 early payment (or pay a smaller amount if they prefer). We’ll make the process as easy as possible by asking just a few basic questions - and will aim to pay the money within 24 hours.


Qualifying life insurance policies:

  • Lump sum life products (including life and critical illness combined) except:
  • Family income assurance
  • Decreasing term assurance
  • Pension term assurance
  • Policies that are assigned, written in trust or subject to bankruptcy order or a power of attorney
  • Policies must have been in force for five or more years
  • We won’t offer an early payment if the death:
  • Occurs overseas
  • Is the result of suspected murder, drug abuse, HIV/AIDs or suicide
  • Is being investigated by a coroner

Our early death payment supports the Protection Distributors Group's 'Funeral Payment Pledge’, which called for insurers to offer better financial support to bereaved families. If families opt for the LV= early payment, they can choose how they spend the money - we won’t insist it’s only used to cover funeral expenses.

How families could use the money:

  • Funeral expenses – the average cost of a funeral in May 2016 was £4,229[1]
  • Probate fees
  • Solicitor costs
  • Unpaid bills and debt
  • Inheritance tax – this usually has to be paid before probate is granted

An example of how our early payment on death works

Mrs Jones had a single life insurance policy for £200,000 that she’d held for 10 years before her death. Before we can pay the full amount of cover, we would need to see probate. We offer to make an early payment of £10,000 to Mr Jones to help him cover funeral costs and other expenses whilst probate is granted.

Claims are more than just numbers at LV=. We’ve designed our early payment on death feature to release much-needed capital quickly, reducing the likelihood of families getting into debt whilst we’re waiting for any paperwork needed to process a claim. We regularly review our claims process to ensure we do the right thing for clients and their families - making an early payment is just one of the ways we offer support when it’s needed most.


[1] LV= cost of a funeral research – Breaking Blue Research, May 2016 (based upon a sample of 100 UK Funeral Directors).


When your client takes a protection policy with us, they become a member of the society and have access to our exclusive LV= Legal & Wellbeing support line.

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TextDirect: first dial 18001

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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK