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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 2017

Stack of coins with a tick

94%

of all new individual protection claims were paid in 2017 – totalling over £87 million

We paid 95% of life insurance claims, 88% of critical illness claims and 96% of income protection claims*

Protection summary 2017

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

LifeTime+

Total value of claims paid

£20.8m

£12.8m

£3.0m

£511,804

£27.5m

£6.8m

£13.1m

£2.1m

Average annual benefit/payment

£77,228

£14,234

£2,126

£8,675

£60,887

£91,781

£3,102

£38,838

Highest annual benefit/payment

£765,375

£146,441

£29,868

£37,742

£2,616,000

£450,000

£25,000

£1,250,000

Policy in force duration

7 yrs 0 mths

8 yrs 1 mth

1 yr 4 mths

3 yrs 7 mths

9 yrs 0 mths

6 yrs 4 mths

6 yrs 5 mths

8 yrs 11 mths


Ave. age customer at claim

Critical Illness

Income Protection

Personal Sick Pay

Unemployment

Life

Terminal Illness

50+

LifeTime+

Male icon

Male

52

48

35

45

63

60

73

73

Female icon

Female

47

45

38

45

63

56

72

72

An icon of a man and lady

Youngest customer

24

22

20

30

25

34

51

51

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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


*includes new claims admitted in 2017 and those already being paid before 1 January 2017 that continued to be paid in 2017, we paid 88% IP for new claims admitted in 2017.

** 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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Underwriting

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More about our Underwriting

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Support

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Working with LV=

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