LV=, a provider of insurance and financial services, has reported that 86% of claims were paid across its income protection and critical illness policies in 2007.
This is an increase over 2006, when around 86% of claims were paid for income protection and around 81% of claims were paid for critical illness protection.
Overall, more than GBP54.9 million was paid out to policyholders in protection claims in 2007, which includes GBP5.8 million in critical illness claims and GBP15.2 million in income protection claims.
Chris McFarlane, head of protection at LV=, said: We are pleased that we have seen an improvement in our claims record. We have put a lot of work into developing ways to help financial advisers and their clients with policy applications and claims, so that valid claims are paid promptly, and that the risk of non-disclosure is significantly reduced.