The latest from LV=
Figures from protection specialist LV= show life insurance, critical illness and income protection claims caused by coronavirus have totalled more than £19million since the start of the pandemic.
LV= paid its first COVID-related claim on 16 March 2020 and since then has paid nearly 2,000 pandemic-related claims (up to 15 March 2022). This figure includes 1,400 death claims, totalling £18 million. For COVID death claims, the youngest claimant was just 32 years old, with an average age of claimants of 64 years. LV= has supported 550 COVID-related claims for policyholders with personal sick pay and income protection policies, paying out over £427,000. The top occupations to claim were nurses, care assistants, carpenters, warehouse and factory workers. LV= is supporting several income protection claimants through the effects of long-Covid.
More than 300 members have been supported through the LV= payment break option. Funded through the LV= Member Support Fund, payment breaks offered a month at a time, for up to three months, to members experiencing financial distress. Policyholders are still able to claim during a payment break, and there’s no requirement to repay missed premiums. In April 2021, LV= were the first major insurer to remove any pandemic underwriting restrictions for protection insurance, against the backdrop of an improving death rate across the UK underpinned by the successful vaccination programme. LV= will offer life cover up to a 400% loading regardless of vaccination status.