LV= has paid out over £12m in Covid-relating claims to date, supporting more than 1,400 policyholders and their families.
This covers life insurance, critical illness and income protection claims. The first Covid-related claims was paid just over a year ago on March 16.
Its data on life insurance claims shows that the youngest claimant was just 44 years old, with an average age of claimants being 67 years.
LV= says coronavirus was responsible for 42 per cent of all LV= death claims in January 2021, as the second wave hit. LV= says that it dealt with 40 per cent more death claims in that month compared to January 2020.
The insurer has paid out £146,000 in personal sick pay and income protection policies to 332 policyholders. Most common occupations of claimants were nurses, care workers, carpenters, warehouse and factory workers.
LV= also says it has seen a sharp increased in demand of additional services, such as its non-claim related mental health support. Use of its Doctor Services has risen five-fold during the pandemic, with an 88 per cent rise in use of remote GP services.
More than 250 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 six 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.
LV= director of protection Debbie Kennedy says: “The Covid-19 pandemic has been devastating. It is having a huge impact on people and we expect to see the effects on claims lasting for several years. Not only have people been affected directly by the virus, millions of people around the UK are struggling with mental health issues caused by isolation, coping with lockdown and financial worries.
“Protection insurance is not only about paying claims; it’s about supporting customers when they are at their most vulnerable and proving emotional and practical support when they need it.”
