LV= pays out £6m in coronavirus claims

Protection specialist LV= has paid more than £6m in coronavirus-related income protection and death claims to 5,731 individuals and families.

LV= received 384 coronavirus-related death claims from members, totalling over £6.02m, including non-underwritten life policies.

The highest claim value was £800,000 – the oldest claimant was 87 and the youngest was 44. The gender split for death claims 71% male, 29% female.

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Seven months since LV= received its first COVID claim (16 March 2020), LV= has paid out nearly 190 pandemic-related claims to policyholders with short waiting period Personal Sick Pay policies.

Payments totalled £64,000, with the most common claimant occupations being nurse, care assistant, carpenter, hairdresser and builder.

The youngest claimant was 21 and the oldest 63, with an average age of 37 years.

The claimants were 72% male and 28% female, and the claims were all assessed individually by telephone and paid into accounts within two days.

Debbie Kennedy, director of protection at LV=, said: “The financial and emotional impacts of the coronavirus and lockdown are far reaching, worrying and uncertain.

“I’m proud of how we’re adapting to offer reassurance and support where we can; it’s in times like these that the strengths of mutuality can come to the fore.

“Since the start of the outbreak, we have been reviewing every aspect of what we do – including flexing our underwriting and claims processes and options to best support our members, and to help people get the cover they need in place without delay.

“Protection is more than the pure insurance benefit and paying claims, it can also help with everyday challenges too.

“The emotional and practical support through LV= Doctor Services and our Member Care Line, including 24/7 counselling and remote GP services, are proving invaluable during this time.

“For our existing members, we’re offering more options for those struggling to make ends meet, with much needed financial relief and with the reassurance that they can keep their policy in place.”