Liverpool Victoria Pays £100m in Protection Claims in 2019

Liverpool Victoria Policyholders Receive £100m in Protection Payouts

Liverpool Victoria’s (LV’s) claims data for the whole of 2019 have just been released, with the insurer’s figures revealing that it paid:

• 99% of Life Insurance claims
• 93% of Income Protection claims
• 88% of Critical Illness Insurance claims.

LV’s Life Insurance Claims in Figures…

Liverpool Victoria Life Insurance paid 99% of all Life Insurance claims it received in 2019, paying out £38.8 million in total. The average payout on a LV Life Insurance policy was £59,609, with the highest payout standing at £584,000.

The youngest claimant was just 28 years old when they sadly passed away.

LV’s Income Protection Insurance Claims in Figures…

Liverpool Victoria paid Income Protection benefits totalling £14.2 million in 2019 (across both new and continuing claims).

While the average male claimant was 46 and the average female claimant 45, the youngest Income Protection claimant Liverpool Victoria paid out to last year was just 19 years old.

Mental health (29%), musculoskeletal issues (25%), and cancer (15%) accounted for nearly three-quarters of all the Income Protection claims Liverpool Victoria received.

LV’s Critical Illness Cover Claims in Figures…

LV paid £23 million in Critical Illness Insurance claims last year, with cancer accounting for 57% of all claims, followed by heart attack (13%) and stroke (7%).

The average payout stood at £71,300, while the highest lump sum an individual received from LV following development of a critical illness last year totalled £534,775.

The youngest client to have to make a claim on an LV Critical Illness Insurance policy was just 29 years old.

Tom Conner
Director at Drewberry

“It’s great to see another year of solid payout figures from LV.

“We welcome the transparency Liverpool Victoria has shown with these figures including, importantly we feel, the ages of the youngest claimants. This shows that illness, injury and even death can sadly strike at any time; it’s not just something for older adults to be concerned with. It reveals just how important taking out comprehensive policies early on is for so many people.

“Another striking figure from the claims statistics was that LV’s longest ongoing Income Protection claim has been in payment for 33 years, highlighting the vital importance of long-term Income Protection that will pay out right up until your retirement if you’re so ill you can never work again.”