THE CLAIMS COUNT AS RECORDED BY LIVERPOOL VICTORIA
In 2019, Liverpool Victoria paid out protection claims amounted to £100 million. This is 94 per cent of the cumulative claims the entity received. Kennedy Debbie, the director at Liverpool Victoria and the head of protection said in a statement that LV paid higher than ever before on life insurance, income protection as well as critical illness claims.
As a result, the outcome displays the essential roles, advice and protection contributes to people at a personal level, business entities and families at times when they do meet life limitations.
These numbers will aid in establishing customer’s courage and confidence in the insurance sector. Liverpool Victoria is dedicated to teaming with financial advisers to ensure the delivery of the protection promises. Keep Reading to discover the figures representing the Life insurance claims, the Critical illness claims as well as the Income protection claims.
Claims Paid out on Life Insurance
The claims associated with the life insurance amounted to £60 million.
Claims Paid out on Critical Illness
The Liverpool Victoria made payouts of critical illness claims which accumulated to at least £23 million in 2019. On average, £71,300 were paid out. The conditions that resulted in these numbers were;
- Cancer which took 57%
- Stroke- 7%
- Heart attack took 13%.
To the young children of ages 2 to 17, the insurance made the payouts amounting to £275,000.
Claims on Income Protection
Turning to the Income Protection claims, Liverpool Victoria released a payment on claims totalling to £14 million close to 1,000 persons. Complications that resulted in these figures were;
- The Mental health conditions taking 29%
- Cancer taking 15%
- Musculoskeletal health conditions which got 25%
DECLINED PROTECTION CLAIMS OF 2019
474 was the number of claims that got rejected due to fraudulent practices, bleaching of the policy as well as dishonesty when giving out medical information.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00