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Compared to the previous year, these payments equate to an increase of almost £2 million. The increased figure, reported the UK-based provider, represented paying out on 95% of all individual protection claims, including claims for income protection, critical illness and life insurance.
‘Record’ payments in 2024
LV= Head of Underwriting and Claims, Anna Rogers, stated: “Reflecting on last year, I’m proud to say that our 2024 payout for protection claims totalled almost £137 million, the highest on record in LV= history.
“Behind each of these cases is a real person, and in 2024 we supported almost 8,000 individuals and their families through the difficult times in their lives.”
Income protection payments
In its breakdown of its health insurance payouts, LV= revealed that it had paid out £18.2 million in income protection claims. This total was paid out to over 1,100 individuals and families who, due to illness or injury, could no longer work.
LV= stated that cancer, musculoskeletal issues and mental health conditions accounted for 75% of the income protection claims, and that the average income payment period ran for five years and eight months.
Critical illness payments
Across 2024, LV= also paid out over £33mn through its critical illness cover. This was paid to more than 429 individuals and families, with the highest of the claims coming in at over £750,000.
65% of claims on critical illness policies were for cancer, making it the most common condition. Of these, the most common forms of cancer claims were for breast cancer at 33%, prostate cancer at 16% and bowel cancer at 8%. Overall, payments for any form of cancer were comfortably ahead of payments for heart attacks at 10% and strokes at 7%.
Life insurance claims
LV= also confirmed claims on its life insurance policies totalled over £80 million in 2024. This equated to the provider paying out on 97% of its claims on behalf of over 5,200 families.
The leading reason for making a claim was for cancer, representing 40% of cases. This was followed by heart-related conditions at 20%, respiratory conditions at 11% and dementia or stroke at 4%. The highest payment on its life insurance cover was for over £778,000.
LV= also reported that the average age of health insurance claimants was 66, while the youngest claimant was just 24 years old.