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

Claims

LV= claims performance in 2018

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94%

of all new individual protection claims were paid in 2018 – totalling over £84.6 million

We paid 95% of life insurance claims1, 89% of critical illness claims and 95% of income protection claims2

Protection summary 2018

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

Total value of claims paid

£24.8m

£14.3

£3.5m

£155,883

£32.6m

£8.1m

£14.3m

Average lump sum paid/monthly benefit3

£78,334

£1,221

£872

£3,248

£56,659

£99,256

£3,602

Highest lump sum paid/monthly benefit3

£502,079

£8,333

£4,000

£9,115

£675,000

£900,000

£24,991

Policy in force duration

6 yrs 8 mths

9 yrs 1 mth

1 yr 11 mths

4 yrs 11 mths

9 yrs 2 mth

7 yrs 2 mths

7 yrs 2 mths


Ave. age customer at claim

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

Male icon

Male

50

48

37

45

63

59

58

Female icon

Female

47

44

38

44

63

53

63

An icon of a man and lady

Youngest customer

25

22

19

29

24

29

48

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Early Payment

We have also introduced an early payment of up to £10,000 for death claims on all life products4 which can be paid within 24 hours. Find out more about the early payment here


  1. Our Life Insurance figures include claims paid for both our Life Insurance and Lifetime+ products. Our Lifetime+ product is no longer available.
  2. Includes new claims admitted in 2018 and those already being paid before 1 January 2018 that continued to be paid in 2018, we paid 87% IP for new claims admitted in 2018.
  3. The figures for Income Protection and Personal Sick Pay are based on a monthly benefit.
  4. Subject to fraud procedures, this covers all death claims on Life products with the exception of policies written under pension rules and “Family Income Benefit” plans.
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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK