LV= paid 93pc of CI and IP claims

Just 1% of IP claims and 3% of CI claims were rejected as a result of non-disclosure.

A total of nearly £9 million was paid out in CI claims and over £12 million in IP claims.

LV= said the average age of an IP claimant is 44 years old while the average age of a CI claimant is 47 years old.

Mental disorder is the most common reason for an IP claim at 30% while cancer is the most common reason for a CI claim at 58%.

The average annual benefit for an IP claim is £14,389, paying out for an average of just over seven years .

Mark Jones, LV= head of protection, said: "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 providers publishing IP claims data. We appreciate that when people make a claim on a protection policy they are likely to be in distress, be it financial or emotional.

“We publish both our CI and IP claim statistics so that advisers and consumers are aware of why claims can be rejected in order to keep declined claims to a minimum.

"While not directly comparable with IP and CI claims, data shows that under the Government's new employment and support allowance (replacing incapacity benefit), 93% of applications have not been successful.

“Regardless of whether a number of these claims will eventually be overturned under appeal, this sends a clear message that the Government doesn't want and can't afford for people to rely on the state.

“People must make their own provisions for their financial future, and seek professional advice on the best way of doing so. "