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Claims

LV= claims performance in 2019

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94% of all new individual protection claims were paid in 2019 – totalling over £100 million

We paid 99% of life insurance claims1, 88% of critical illness claims and 93% of income protection claims2

Protection summary 2019

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

Total value of claims paid3

£23m

£14.2m

£2.8m

£359,642

£38.8m

£7m

£14.5m

Average lump sum paid/monthly benefit

£71,296

£7,033

£1,816

£7,193

£59,609

£103,420

£2,967

Highest lump sum paid/monthly benefit

£534,775

£104,609

£24,354

£25,675

£584,000

£560,000

£24,973

Policy in force duration

7 yrs 6 mths

7 yrs 5 mths

2 yr 8 mths

6 yrs 3 mths

9 yrs 5 mths

7 yrs 1 mth

8 yrs 1 mth


Average age of customer at claim

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

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Male

51

46

37

48

63

59

74

Female icon

Female

47

45

39

47

63

55

74

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Youngest customer

29

19

18

32

28

37

51

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Early Payment

We have also introduced an early payment of up to £10,000 for death claims on most of our 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 our Life Insurance, Terminal illness, and whole of life products. Our whole of life products are no longer available.
  2. Includes new claims admitted in 2019 and those already being paid before 1 January 2019 that continued to be paid in 2019, we paid 81% of new IP claims admitted in 2019.
  3. Our Income Protection and Personal Sick Pay figures includes new claims admitted in 2019 and those already being paid before 1 January 2019 that we continued to pay in 2019.
  4. Subject to fraud procedures, this covers death claims on Life products with the exception of policies written under pension rules and “Family Income Benefit” plans, decreasing term products, and policies written in trust. There are also a number of exceptions depending on the cause of death. More information about exceptions can be found here.
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FOR UK FINANCIAL ADVISERS ONLY
Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK