Legal and General pays £1.65m every day in protection claims

Legal and General pays £1.65m every day in protection claims

The provider says it paid out £606m in the 12 months to December, an increase of £64m on the previous year, including £316.5m in life insurance claims, £181m in critical illness claims and £107m in terminal illness claims.

The figures show 98.6% of claims for life were paid out, 95.9% for terminal illness, and 92.56% for critical illness.

Mark Holweger, managing director, Legal & General Insurance (Partnerships), said: “Our figures show that protection continues to play a vital role in supporting thousands of people in their time of need every year, giving them added peace of mind about their finances when they need it most. Yet still, the UK continues to suffer from a protection gap which leaves many people’s lifestyles at risk should they sadly be diagnosed with a critical illness or unable to work due to long term illness. We hope that advisers are able to make positive use of these statistics to further address this gap, and show consumers how important protection can be during an extremely challenging time in their lives.”