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LV= pays £6m in six months for coronavirus-related deaths

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07/10/2020
LV= has paid out over £6m in coronavirus-related income protection and death claims to more than 500 individuals and families, it has revealed.

The protection specialist confirmed that as at 31 August 2020, it had received 384 coronavirus-related death claims from members totalling £6.02m, including non-underwritten life policies.

The highest claim value stood at £800,000, with the oldest claimant aged 87 while the youngest was 44. More male (71%) than female (29%) policyholders were affected.

Since it received its first Covid-19 claim in March, LV= has paid out nearly 190 pandemic-related claims for personal sick pay policies.

In total, £64,000 was paid out, with the most common claim coming from nurses, care assistants, carpenters, hairdressers and builders.

The youngest person to claim was aged 21 while the oldest came in at 63. Again more males (72%) than females (28%) made a claim.

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

“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.”

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