Legal and General paid out more than £883million to support customers and their families in 2022
Legal and General Claims Statistics (2022)
Legal and General are a household name and one of the UK’s top insurance providers. This week, they have posted their claims statistics for last year (2022) for current and potential customers to read.
In 2022, Legal and General paid out more than £883million to support individual customers and their families. This brings the total for L&G claims paid out in the last 5 years to over £3.8billion.
It is important for both regulators and consumers to see how much insurance companies are paying out each year. This helps demonstrate the value of these policies and how likely they are to pay out when you need them to.
Who is Legal and General?
Legal and General are a top UK insurance company with thousands of customers across the country. They were originally founded in 1836 and known as New Life Insurance Society. They offered insurance cover to legal professionals only.
They expanded their customer base to the general public years later, changing their name to Legal & General to reflect this.
Legal and General is the currently the #1 life insurance provider in the UK, based on the number of policies sold each year.
Find out more – Legal and General Life Insurance Review
Why are claims statistics important?
It is important for insurance companies to be transparent about how much they pay out to their customers. It is a huge red flag if companies are refusing to publish their claims statistics or are unclear about them.
As a heavily regulated business, an insurance provider should always be open and honest about how much they pay out each year. Claims statistics should outline:
- The percentage (%) of claims that have been successful
- The percentage (%) of claims that have been denied (reasoning for this is also normally included)
- Total amount paid out (plus amount paid out per insurance product type)
- Top claims paid
Reading insurer statistics can help future customers assess how good this provider is with handling claims. You can then judge if your policy is likely to pay out and ultimately if the policy is good value for money.
About Legal and General claims 2022
Here we have some of the key statistics published by Legal and General about claims in 2022.
Overall statistics
These claims statistics cover all personal protection policies including life insurance, critical illness cover and income protection.
- Total amount paid out [2022]: Over £883million
- Total amount paid out [Last 5 years]: Over £3.8billion
- Number of successful claims: 17,768
- Number of claims paid out each day: 48
- Amount paid in claims each day: Over £2.4 million
Life Insurance claims
- Total amount paid out [2022]: £509million
- % of successful claims: 96.7%
- Number of successful claims: 12,571
- Average claim pay out: £40,526
- Top reasons for claims: Cancer (34.2%), Heart related (21%), Neurological (6.1%)
Terminal illness cover claims
- Total amount paid out [2022]: £141million
- % of successful claims: 94.3%
- Number of successful claims: 1,116
- Average claim pay out: £126,996
- Top reasons for claims: Cancer (91.9%), Neurological (3.1%), Respiratory (0.5%)
Critical illness cover claims
- Total amount paid out [2022]: £224million
- % of successful claims: 93.4%
- Number of successful claims: 3,236
- Average claim pay out: £69,421
- Top reasons for claims: Cancer (63.8%), Heart related (12.7%), Stroke (7.8%)
- (Children’s cover) Total amount paid out [2022]: £4million
- % of successful claims: 99.6%
- Number of successful claims: 232
- Average claim pay out: £20,236
- Top reasons for claims: Cancer (55.6%), Benign Tumour (9.1%), Child funeral benefit (8.6%)
Income protection claims
- Total amount paid out [2022]: £3million (new and ongoing claims)
- % of successful claims: 82.2%
- Number of successful claims: 566
- Average claim pay out: £743 per month
- Top reasons for claims: Musculoskeletal (41.2%), Cancer (14.6%), Covid-19 (5.8%)
Why is life insurance important?
Life insurance can provide a much needed financial boost to your loved ones at an extremely difficult time. These policies pay out a cash lump sum to support them in paying for expenses such as:
- Mortgage or rent costs
- Funeral bills
- Repayment of debts
- School fees
- Cost of living
More about life insurance:
Do I need income protection or critical illness cover?
Income protection insurance is a valuable policy, which will provide financial support if you are unable to work due to accident or sickness. These policies pay out a tax-free sum each month that you are eligible to claim. This money helps to replace any lost income until you can return to work as normal or claim eligibility expires.
Critical illness cover works similarly, except it pays out one lump sum if you are diagnosed with a serious medical issue. The condition must be covered in the terms of your policy and every insurer will vary in the number of conditions covered. Currently, Legal and General will cover up to
Note: Both policy types can offer peace of mind and additional financial security. Which one is the best option will come down to personal choice. You could choose to have both types of cover for extra protection but be certain you can afford this before committing.
More about income protection:
- Income Protection Insurance Explained
- How much is income protection insurance?
- Do I need income protection insurance?
More about critical illness cover:
How to claim with Legal and General
If you need to submit a life insurance claim with Legal and General, the process should usually be straightforward. If you are making a bereavement claim you will need to provide Legal and General with:
- The policy number
- The policy holder’s name
- Your relationship to the deceased
- Next of kin details
- Date, place and cause of death (if known)
Legal and General will update you throughout the claims process. They may require additional evidence such as death certificate or medical records.
Life insurance claims contact details
Tel. 0800 137101
Opening hours: Monday to Friday 9am – 5pm
How to buy Legal and General life insurance
To get the best insurance cover, it is always a good idea to speak to a life insurance specialist. There are a lot of insurance options out there, which can be confusing or overwhelming.
All insurance providers will offer something slightly different, Legal and General included. They will all also vary in their underwriting policies, meaning some will be better than others in certain situations. Some providers work better for people with pre-existing medical conditions for example.
For free specialist life insurance advice, call 0800 009 6559 or CLICK HERE to complete an online enquiry form.
Resources
Legal and General – Our claims
Legal and General Group – Legal & General pays out a record £883 million in 2022
