Legal & General paid out £765k to customers who’d considered cancelling their policy in 2023

Last year, Legal & General (L&G) paid out 18,696 claims across its protection menu – this represents a 5% increase year-on-year.

Related topics:  Legal & General,  claims
Tabitha Lambie | Editor, Protection Reporter
27th March 2024
Legal & General Claims 2023
"At L&G, were committed to ensuring more people have and keep their cover in place."
- David Banks, Director of Claims & Underwriting at L&G Retail

Overall, Legal & General (L&G) paid over £921mn in claims across Life Insurance, Income Protection (IP), and Critical Illness (CI) policies. This has supported policyholders and their loved ones through difficult periods of lost income, ill-health, and bereavement.

Notably, L&G paid £765k in claims to customers who’d previously considered cancelling their policy. One customer purchased a CI policy (with their partner) in 2015 but contacted the insurer to cancel the arrangement after paying off their mortgage and starting a new job – which had Life Insurance as an employee benefit.

L&G’s customer service team successfully explained that CI isn’t linked to their mortgage as well as the value of additional services accessible via this policy. When their partner was diagnosed with a benign brain tumour later that year, L&G supported with pair via £120k payout.

 “We’re proud of our claims paying record and the ability to help individuals and their families during their time of need. We have supported more people than ever in 2023, demonstrating the value of protection, especially at a time of rising living costs and financial uncertainty,” explained David Banks, Director of Claims & Underwriting at L&G Retail.

“At L&G, were committed to ensuring more people have and keep their cover in place. Our customer story shows that communicating the value of protection throughout a person’s journey, and not just at the point of sale, can contribute to better customer outcomes,” he added.

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