Legal & General protection

Matt Loadwick
May 2025 • 2 min read
Legal & General protection
Legal & General (L&G) has revealed that it paid out over £1 billion in protection claims in 2024, covering life insurance, income protection, and critical illness policies. This figure breaks down to an average of £2.5m paid out in claims every day.
According to the provider, more than 20,000 customers received claim payments – the highest number in a single year for L&G. On average, each customer received around £50,000, offering crucial financial support during challenging times such as bereavement, serious illness or a sudden loss of income.
The total amount paid was over £100m more than in 2023, marking the third year in a row that both the number and value of claims have increased. L&G partly credits this rise to enhancements in its digital claims process. In particular, the use of its ‘My Account’ self-service portal has streamlined submissions and cut the need for follow-up medical evidence by more than 25%.
Historically, the perceptions of the insurance industry have sometimes been mixed, with stories of difficult claims processes or perceived unfair practices with insurers exploiting loopholes to delay or deny payments to policyholders. As such, it’s good to see a major provider that’s increasing its payouts in consecutive years (both in volume and value), hopefully thus increasing levels of trust for retail customers.
As part of our holistic approach to looking after our clients’ financial wellbeing; ensuring that our clients have sufficient financial protection is important to us. Whether it’s to provide your family with adequate income and the ability to clear loans in the event that you were to die suddenly, to provide a monthly income if you become ill over the long term and are unable to work or to provide a lump sum upon diagnosis of a serious illness; these policies provide funds that can be used for treatment or simply to reduce/remove financial pressure).
Whilst we do not directly arrange these financial protection policies these days, it is important for us to ensure that you are adequately covered, so please get in touch if you wish to discuss your protection arrangements.