LV= has released its critical illness and income protection claims stats for the 12 months to June 2011.
The claims records show that LV= paid out 93% of claims. Just 1% of income protection claims and 3% of critical illness claims were rejected as a result of non-disclosure. A total of nearly £9 million was paid out in critical illness claims, and over £12 million in income protection claims
The average age of an income protection claimant is 44 years old. The average age of a critical illness claimant is 47 years old. Mental disorder is the most common reason for an income protection claim. Cancer is the most common reason for a critical illness claim. The average annual benefit for an income protection claim is £14,389, paying out for an average of just over seven years.
Mark Jones of LV= says, "Our consistently high percentage of paid claims illustrates our firm commitment to supporting people in difficult times, and through processes such as our tele-interviewing service and intelligent underwriting, we continue to see a very low number of claims declined for non-disclosure. We are also proud to be one of only a few insurers publishing income protection claims data."