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LV= pays 95% of protection claims two years running

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LV= paid out 95 per cent of protection claims in 2012 – the same level as in 2011.

The firm’s figures include 99 per cent payment of life cover claims, falling slightly from 100 per cent the previous year.

Payment of critical illness claims rose to 91 per cent from 88 per cent in 2011.

Payment of income protection claims remained the same at 91 per cent.

Cancer was again the most common critical illness claim, making up 65 per cent of the total compared with 61 per cent the previous year.

LV= says 70 per cent of claimants were aged under 55 at the time of their claim.

LV= head of protection Mark Jones says: “We paid out almost £50m in protection claims to our customers during 2012, offering an invaluable benefit to people at an extremely difficult time.”

Plan Money director Peter Chadborn says: “These results seem slightly ahead of the average and when you consider the amount of business LV= writes, the figures look good.”

Earlier this month, LV= reported a 19 per cent increase in group underlying pre-tax profit for 2012 as the provider’s total life sales increased to over £150m.

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