Income Protection  

LV handles £3.7m in Covid-related claims

LV handles £3.7m in Covid-related claims

Protection provider LV has handled close to £3.7m in income protection and death claims related to coronavirus to date.

The provider has processed 470 claims as of May 16, of which 150 related to sick pay and 270 to death.

The most common occupations among claimants were nurses, care assistants, carpenters, hairdressers and builders. 

Each personal sick pay claim was individually assessed by telephone and paid within two days, with payments totalling £50,000, according to the provider.

LV also received more than 270 coronavirus-related death claims from members totalling £3.6m. The average claim payment was £64,279.

Debbie Kennedy, director of protection at LV, said the provider had seen a 70 per cent rise in call volumes to its claims teams during the first weeks of lockdown.

Ms Kennedy added: “We understand the emotional impact of bereavement and are doing all we can to make sure death claims are paid as quickly as possible so that families do not have to worry about the immediate financial impact of bereavement while they are grieving.”

LV has also seen a 90 per cent increase in remote GP appointments, which were introduced in March and extended the following month to provide a 24-hour service.

It is one of several initiatives introduced by LV during the coronavirus, including premium reductions for existing protection customers, payment breaks for policyholders experiencing financial distress, and a lump sum from its ‘Member Support Fund’.

chloe.cheung@ft.com