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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

LV= claims performance in 2016

Stack of coins with a tick

94%

of all new individual protection claims were paid in 2016 – totalling almost £77 million*

We paid 100% of 50 plus claims, 98% of life insurance claims, 92% of critical illness claims and 90% of income protection claims [1] .

Protection summary 2016

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

LifeTime+

Total value of claims paid

£21m

£14m

£3.6m

£1.1m

£26.6m

£6.5m

£12.3m

£2.1m

Average annual benefit/payment

£78,672

£14,695

£2,047

£11,739

£63,303

£108,486

£3,003

£33,497

Highest annual benefit/payment

£600,000

£220,958

£32,044

£48,917

£445,799

£550,000

£24,987

£500,000

Average age of policy in force at claim

6 yrs 8 mths

10 yrs 5 mths

9 mths

4 yrs 7 mths

8 yrs

6 yrs 7 mths

5 yrs 11 mths

8 yrs 3 mths

Average length of claim paid

n/a

7 yrs 7 mths

10 mths

4 mths

n/a

n/a

n/a

n/a


Ave. age customer at claim

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

LifeTime+

Male icon

Male

49

47

34

42

61

58

72

73

Female icon

Female

49

44

37

45

61

57

72

73

An icon of a man and lady

Youngest customer

26

20

17

25

23

32

51

49

Pound icon

Early Payment

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


*This figure is rounded to the nearest whole number and is excluding any claims carrying over from 2015.

** 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.

[1] Includes FPP Income Protection only

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More about our Underwriting

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