Mutual insurer LV= has paid out a record £137m in protection claims in 2024, supporting nearly 8,000 individuals and families.
According to its latest claims report, LV= settled 95% of individual protection claims, an increase of £2m from the previous year.
Over the past five years, the insurer has paid more than £630m in personal protection claims.
Income protection accounted for £18.2m paid to over 1,100 customers unable to work due to illness or injury.
Musculoskeletal conditions (39%), cancer (21%) and mental health (15%) were the most common causes of claims. The average claim duration was five years and eight months, with the youngest claimant just 17 years old.
One notable case was Formula 1 broadcaster Jennie Gow, who suffered a stroke in her early 40s. LV= said her income protection policy provided financial stability and access to rehabilitation services, including speech and language therapy.
LV= paid more than £33m in critical illness claims to 429 individuals, with cancer accounting for 65% of cases. Breast, prostate and bowel cancers were the most frequently cited. The highest claim exceeded £750,000. Children’s claims totalled £774,000, with funeral costs the leading reason.
Life insurance and terminal illness claims reached £80m, with 97% of claims paid. Cancer (40%) and heart-related conditions (20%) were the top causes. The average age of claimants was 66, with the youngest just 24 years old.
The mutual insurer also paid £4m in personal sick pay claims to over 1,000 individuals, mainly in high-risk jobs such as HGV drivers, builders and factory workers. Musculoskeletal issues made up nearly half of all claims.
Five percent of claims were declined, with over 70% rejected due to non-disclosure or misrepresentation. Common issues included failure to declare medical conditions, smoking habits, or alcohol consumption.
LV= reported a 61% rise in use of its mental health services and a 20% increase in engagement with its LV= Doctor Services in 2024. Other benefits available include legal advice and financial support through the Member Support Fund.
Anna Rogers, head of underwriting and claims at LV=, said: “Behind each claim is a person or family facing a difficult time. Our focus is on delivering fast, fair outcomes and providing valuable support that goes beyond financial payments.”
