Claims 2016

  • LV= paid out 94% of all new individual protection claims, totalling close to £77 million over the year – more than we paid in any other year.
  • We paid 98% of Life insurance claims, 92% of Critical Illness claims and 90% of Income Protection claims.
  • The most common conditions for Critical Illness claims were cancer (65%), heart related conditions (13%) and strokes (7%)
  • The most common claims for Income Protection were for musculoskeletal disorders (23%), mental health issues (14%) and cancer (14%).

 

Early Death Claim Payment

We have introduced an early payment of up to £10,000 for death claims on all life products which can be paid within 24 hours.

 

Scope

All Life products, including mortality claims only on accelerated Life and Critical Illness policies, are in scope to follow this process with the exception of the following:

  • Policies written under pension rules
  • Family Income benefit
  • Any claims on Accelerated Life and CI policies not related to a death
  • Any Terminal Illness claims

 

Parameters to limit the potential exposure to fraud:

  • Policies that have been in force for longer than 5 years
  • The policy has no 3rd party interest, such as trusts
  • Limitation of causes or location of death as follows:

– Overseas deaths

– Murder (we may not be confident of who to pay until any court case has been resolved)

– Alcoholism, Drug abuse, Suicide or assisted suicide, Diabetes, Misadventure, HIV / AIDS, any other Coroner involvement

 

Payment Process

The CHAPS payment process means that we need to have the payment actioned by midday to get the money in the account same day. If the payment isn’t actioned until after midday then the money will hit the account the following day.

 

Who Will We Pay?

We’re not prescriptive on this, it depends on the individual circumstances of the claim and who is asking for the money. If it’s the next of kin and there’s no reason to suspect anyone else could be the rightful beneficiary then we may pay them rather than the estate. We could also for example, pay directly to a Funeral Director. In short, we’re flexible

 

Read More

https://www.ftadviser.com/protection/2017/04/21/lv-introduces-early-payment-on-death-claims/

http://www.covermagazine.co.uk/cover/news/3008831/lv-introduces-early-payment-on-death-claims