LV= has paid out over £19m to policyholders and families with Coronavirus-related claims since March 2020.

The claims include 1,400 death claims totaling £18m.

For Coronavirus death claims the youngest claimant was 32 years old, with the average age of claimant being 64.

The protection provider paid its first Coronavirus-related claim on 16 March 2020.

The provider has also paid out 550 Coronavirus-related claims for policyholders with personal sick pay and income protection policies. The payouts totaled £427,000. The top occupations making a claim were nurses, care assistants, carpenters, warehouse and factory workers.

Several income protection claimants are suffering with the effects of long-Covid.

Anna Rogers, head of underwriting and claims at LV=, said: “As we pass the second anniversary of the initial Covid-19 lockdown (23 March 2020), our claims experience demonstrates the far reaching impact the pandemic has had on our policyholders and families across the UK. Not only have people been affected directly by the virus, millions are still dealing with the impact of lockdowns, such as coping with isolation and financial worries. 

“At LV=, we strongly believe that contemporary protection insurance is not only about paying claims; it’s about supporting customers from day one, when they are at their most vulnerable and providing emotional and practical support when they need it.”

LV= said over 300 members have also chosen to take up its payment break option introduced during the pandemic. The options offers payment breaks a month at a time for up to three months to members experiencing financial distress. Members continue to receive cover and can claim during a payment break and there is no requirement to repay missed premiums.

In April 2021 LV= removed any pandemic underwriting restrictions for protection insurance due to the improving death rate across the UK. It offers life cover of up to 400% loading regardless of vaccination status.