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L&G pays out 97pc of claims

Sarah Davidson

May 14, 2015

This represents a £26m increase on 2013 figures (£238m) and is 21% of the £1.26bn paid by the group protection industry overall.

For group life policies the company paid £220m and 99.7% of 2014 claims received, up from 99.3% in 2013 and close to the GRiD industry average of 99.8%.

Legal & General’s claims were also paid quickly with over 96% paid within five working days of receiving all the information.

Group critical illness claims paid increased from £7m and 79% in 2013 to £8.6m and 82% in 2014, slightly higher than GRiD’s industry average rate of 80%.

The benefits paid by Legal & General’s group income protection policies also increased; rising from £28.2m in 2013 to £35.4m and the proportion of claims paid by Legal and General remained high at 95%, compared with the GRiD average of 83%.

Group income protection policies can also provide active intervention to help people return to work before their absence is long enough to become a claim.

Stuart Welch, group protection director at Legal & General, said: “We are very proud of these figures as they are evidence of our desire to help make life better for our customers when things take a turn for the worse.

“We are paying a higher proportion of group protection claims, paying group life claims faster and paying more in total benefit.”


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