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LV Critical Illness claims pay out £28.3million

Last year, UK insurer LV (Liverpool Victoria) paid out £28.3million to critical illness cover customers. This adds to their overall figure for claims totalling £127million paid out for individual protection customers.

Do insurers need to publish claims statistics?

Insurance providers have an obligation to be open and transparent about how they handle any claims submitted to them. This is why it is key that they publish comprehensive claims statistics every year. If an insurer will not post their claims figures, this is something to immediately be wary of.

They must publish details each year such as:

  • Number of claims paid/percentage of claims paid
  • Most common reasons for claims
  • How many claims did not pay out (and why they would not pay the claim)

About LV

LV is one of the UK’s biggest and best known insurance providers with thousands of customers across the country. They have been providing protection to UK families, homeowners and more for over 175 years. They sell a range of products including:

Types of life insurance sold by LV

 LV Critical Illness Cover
Total paid out (2022)£28,300,000
Number of successful claimsMore than 360
Percentage of claims paid88%
Average age of policy8 years and 4 months at point of claim
Youngest claimant22 years old at point of claim
Average age of claimant47 years old at point of claim
Highest individual claim pay out£400,000

Top reasons for LV critical illness claims in 2022

These are the top reasons for claims to LV in 2022.

Critical illness cover – 56% = Cancer, 14% = Heart Attack, 7% = Stroke, 3% = Total Permanent Disability, 3% = Benign Brain Tumour

As the most common reason to claim, cancer made up around 1 in 6 of LV’s critical illness claims in 2022. These are the main cancers that were claimed for by LV customers last year.

LV: Make a claim

If you need to claim on your LV critical illness policy, you should get in touch with LV as soon as possible. This allows you to receive the money you need as quickly as you can.

You can contact LV:

  • Over the phone
  • By writing an email
  • Via the post

Once LV has discussed your claim with you, you will be sent a claims pack within 24 hours. You will need to sign and send back any relevant forms before your claim can be processed. Your next of kin can complete the claim form for you if needed. You may also need to sign consent forms so LV can access medical information to verify your claim.

LV claims contact details

Telephone – 0800 756 5869

Telephone (overseas) – +44 1392 366 685

Email: healthclaims@lv.com

Opening hours: Monday to Friday 9.00am-5.00pm

Post:

Health Claims,

LV= Health Claims Team,

Emperor House,

Grenadier Road,

Exeter Business Park,

Exeter,

LV Life insurance claims & LV Income protection claims

Here we also have the life insurance and income protection claims statistics posted by LV from 2022.

 LV Life InsuranceLV Income Protection Insurance
Total paid out (2022)£80,600,000£14,700,000
Number of successful claimsMore than 5,400More than 1,000
Percentage of claims paid97%92%
Average age of policy8 years and 6 months at point of claim6 years and 9 months at point of claim
Youngest claimant25 years old at point of claim22 years old at point of claim
Average age of claimant63 years old at point of claim45 years old at point of claim
Highest individual claim pay out£1,000,000N/A (income protection claims paid out for 5 years, 3 months on average)

In 2022, the top reasons to claim on life insurance were cancer (40%) and heart conditions (20%). This was followed by respiratory issues (9%), Covid-19 (6%) and stroke (5%).

In 2022, the top reasons to claim on income protection were musculoskeletal issues (25%) and cancer (20%). The next top claims were for mental health (12%), fractures (10%) or Covid-19 (6%). The main occupations to claim on income protection insurance were:

Critical illness cover provides peace of mind that you will have financial support if you become seriously unwell. This can be especially helpful if you are left unable to work due to your health.

LV critical illness cover can only be bought as a combined life and critical illness insurance policy. You may decide to choose LV for your life insurance as well as your critical illness cover. There are a number of benefits to both policies including:

  • 2 cover options for protection against 41 core critical illness conditions or 87 enhanced critical illness cover conditions. You choose the amount of cover that best suits your needs. Includes cover for key conditions including cancer or heart attack, as well as others like MS or Parkinson’s disease.
  • 9 enhanced benefit conditions covered that pay out 150% of your sum assured up to £200,000 maximum (critical illness cover)
  • Option for children’s cover (additional cost) that includes funeral cover and protection against pregnancy complications (critical illness cover)
  • MEMBER DISCOUNTS for adding on extra policies e.g. car or home insurance
  • FINANCIAL SUPPORT FUND to help any LV members struggling financially
  • FREE legal advice and wellbeing support is available 24/7 PLUS access to the My Healthy Advantage app.

For more information about LV or one of our other excellent insurance partners, get in touch with our team today. Our friendly experts can offer FREE specialist insurance advice with over 20 years worth of expertise and knowledge.

Useful resources

LV – LV Claims Report 2022

LV – LV pays record £127million in individual protection claims

LV – Helping your claim go smoothly

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