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Royal London Covid-19 payouts top £13m

Royal London paid out £13.1m in Covid-19 claims in 2020 to a total of more than 2,100 customers.

The mutual insurer said the majority of claims were death claims with 2,049 paid out on Whole of Life policies and 61 on Term Life policies with a total pay-out of £13m.

One Critical Illness claim was paid due to Covid-19 resulting in a period of intensive care with a sum assured of £50,000.

Seven Income Protection claims were paid to Royal London clients where Covid-19 led to their absence from work, with an annual pay-out totalling £46,000.

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Royal London predicts many customers will require long term support to deal with the impact of Covid-19 with around one in 10 people who tested positive still having symptoms 12 weeks later.

To help customers cope with the long-term effects of Covid Royal London is referring people to its ‘Helping Hand’ support service.

Data from Helping Hand revealed that in 2020, cancer was the biggest reason for nurses providing support, accounting for 19% of the support being offered to customers. This was followed by support for bereavement (18%) and mental health (14%).

Craig Paterson, chief underwriter at Royal London, said: “The pandemic has shown the importance of having protection in place and despite having to make changes to our underwriting and playing our part in avoiding putting additional strain on the NHS, we have offered cover to the majority of new applicants.

“We also recognise that, while receiving a pay-out can help to ease the financial strain of bereavement, money can’t always ease the emotional strain. Our Helping Hand service offered through protection policies bought through a financial adviser is available to customers and their families, so they can receive all the practical help and emotional support they need to help them through this difficult time.”

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