In 2011,
LV= paid out 95% of protection claims, including 91% of income protection
claims, 88% of critical illness claims, and 100% of life assurance claims.
Fewer
than 2% of income protection claims and 3% of critical illness claims were
rejected as a result of non-disclosure.
LV= paid
out over £12 million in income protection claims (up 3% on 2010), nearly £10
million in critical illness claims (up 7% on 2010), and more than £28 million
on life assurance claims in 2011.
The
average age of an income protection claimant is 45.
The
average age of a critical illness claimant is 47.
Mental
disorders are the most common reason for an income protection claim (31%). The
average annual benefit for an income protection claim is £16,568, paying out
for an average of just over seven years.
Cancer is the most common reason for a critical illness claim (61%). The
average critical illness claim was £70,098.
Income protection insurance news: 16 February 2012
