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LV= paid 90% of critical illness and income protection claims

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In 2009 LV= paid 90% of critical illness claims, compared to 87% in 2008. On critical illness there was an increase in rejections prompted by non-disclosure since 2008, up from 0.7 % to 3.3%. But rejections for not meeting the claim definition fell from 12.6% to 6.7%. £7.9m was paid out in critical illness claims. Cancer accounts for six out of ten critical illness claims. The average critical illness payment was £72,500,

  

In 2009 LV= paid 90% of income protection claims, compared to 91% in 2008. On income protection there was an increase in rejections prompted by non-disclosure since 2008, up from 2.6% to 3.4%. And rejections for not meeting the claim definition rose from 6.5% to 6.6%. £11.9m was paid out in income protection claims. The top four causes of income protection claims were mental disorders (29%), musculoskeletal disorders (20%), circulatory system disorders (11%) and cancers (11%).

  

Mark Jones at LV= says: "Our consistently high and improving claims payment rate illustrates our firm commitment to support customers in their time of need, and to limit the risk of customer confusion at the point of applying for a policy. This success is in part down to investment in our tele-interviewing capability, exploring the reasons for non-disclosure rejections and putting measures in place to reduce them, and in intelligent underwriting. We want to make sure that consumers are fully aware of why claims can be rejected, so that we can all play a part in keeping rejections at a minimum."

     

Critical illness insurance: News update: 24 March 2010

 

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