LV= paid 94% of claims in 2016
LV= paid out on 94% of individual protection claims in 2016 – with the total amounting to £77m.
It paid 98% of life insurance claims, 92% of critical illness and 90% of income protection.
Myles Rix, managing director of protection at LV=, said: “Last year we continued to invest in our claims service to make it as quick and easy as possible for our customers to claim and this is reflected in these numbers.
“£77m is the most we have ever paid out for individual protection claims and we’re pleased we have been able to help even more families in their time of need.
“While we know some consumers worry that claiming for a protection policy will be a difficult process, these numbers demonstrate that the overwhelming majority of cases are paid out.
“We urge advisers to use information such as this to help their clients understand the value of protection policies, and demonstrate the financial peace of mind they can provide.”
The insurer has also starting paying up to £10,000 for death claims on all life products within 24 hours.
LV= said the quick payments are designed to ease the initial financial burden on families during a difficult and emotional time.
Lucy Brown, head of protection sales at London & Country Mortgages, said: “It’s fantastic LV= has introduced this benefit and are offering more than we hoped for. It’s great news for consumers and particularly their families.”