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LV= gives free critical illness cover to new income protection customers

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Insurer LV= has published its 2008 protection claims record, with 91% of claims paid on income protection policies and 87% on critical illness policies.

 

LV= paid out £12.1m in income protection claims, and £8.4m in critical illness claims.

 

2008 claims data from LV= reveals that:

  • The top three causes of income protection claims over the last 12 months were mental disorders (30%), musculoskeletal disorders (19%) and circulatory system disorders (11%)
  • The average age of a female income protection claimants was 44, with male claimants three years older at 47
  • Income protection claims lasted for an average of seven years
  • Cancer claims accounted for more than half (57%) of all critical illness claims, falling from 69% in 2007
  • In 2008 critical illness policyholders received an average claims payment of £63,820

   

Example Income Protection claims

Age at claim

Occupation

Cause of claim

Current monthly benefit

Number of months so far on the claim

Total amount paid out so far is more than

27

Nurse

Back pain

£1,057

249

£260,000

34

Engineering Officer

Chronic Fatigue Syndrome (CFS)

£1,462

43

£60,000

42

Psychologist

Multiple Sclerosis (MS)

£1,180

48

£55,000

58

Financial Adviser

Ruptured Achilles tendon

£2,116

3

£6,000

31 December 2008.

 

Example Critical Illness claims

 

Age at claim

Cause of claim

Amount

24

Aortal valve replacement

£72,000

38

Benign brain tumour

£68,413

42

Leukaemia

£44,278

54

Cancer of right kidney

£11,702

 

31 December 2008.

 

 

Income protection insurance: News update: 13/03/2009

 

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