Legal & General paid out £883m ($1,092m), an average of over £2.4m a day, in retail protection claims in 2022, a record.
This was across life insurance, income protection, and critical/terminal illness products. It was also an increase of 5% from the previous year.
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The amount paid out by Legal & General in 2022 was across 17,768 claims and an additional £85.76m this year. In addition, the total amount paid out to customers amounts £3.8bn over the last five years.
Furthermore, Covid-19 fell out of the top five reasons for people claiming life insurance, dropping to number six from three. Cancer, heart and neurological conditions were the most common claim causes for life insurance.
Meanwhile, the average income protection claimant was 39 years old and demonstrated the importance of having protection in place at all ages.
Also, the use of wellbeing support services had doubled since 2021.
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By GlobalDataDavid Banks, director of claims and underwriting, Legal & General Retail: “Legal & General is committed to paying as many claims as possible to our valued customers, and we’re proud to have provided increased financial support for a record number of people at their time of need over the last year. This demonstrates the value of protection and the need for coverage across people’s lives.
“While the financial support we offer to individuals and their families when they face a sudden loss of income is critical, we’re incredibly proud of the additional wellbeing services we’ve provided for our customers. Protection goes far beyond paying claims, and we continue to put the ongoing emotional and physical health of our customers first through enhancing our extensive umbrella benefits.”
