The UK’s LV= has introduced an early payment of up to £10,000 for death claims on all life products which can be paid within 24 hours.
The life insurer said this will be automatically offered to all claimants who qualify to help ease the initial financial burden on families during a difficult and emotional time.
LV=’s initiative is subject to fraud procedures and covers all death claims on life products with the exception of policies written under pension rules and “Family Income Benefit” plans.
The Protection Distributors Group (PDG) welcomed LV=’s initiative, saying it has been in discussions with LV= for many months about its Funeral Payment Pledge campaign.
In a statement PDG said: “The monies can be paid even before a claim has been fully assessed, which is genuinely great.”
LV= made several key appointments to its protection claims team in 2016, including Andy Parker who joined as technical claims manager to ensure the team has the tools it needs to assess claims quickly and consistently. LV= also continued to grow its rehabilitation team.
Overall, in 2016 LV= said it paid out 94% of all new individual protection claims, totalling close to £77 million over the year – more than it has paid in any other year.