LV= paid out 94% of all new individual protection claims during 2016. Totalling close to £77m over the period, this is more than the group has paid in any other year.
The mutual paid 100% of 50 Plus claims, 98% of life insurance claims, 92% of critical illness claims and 90% of income protection claims.
In total, LV= paid out almost 7,000 claims over the year, around 2,000 more than the year before. The highest claim paid in the year was £600,000 for a critical illness claimant.
The most common conditions for critical illness claims were cancer (65%), heart-related conditions (13%) and strokes (7%), while the most common claims for income protection were for musculoskeletal disorders (23%), mental health issues (14%) and cancer (14%).
Last year, the mutual invested in its claims processes, meaning claimants can provide medical evidence and exchange scanned documents and images via smartphones, as well as making several new hires on its claims team such as Andy Parker who joined as technical claims manager.
LV= managing director of protection Myles Rix 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."
He added: "While we know some consumers worry that claiming for a protection policy will be a difficult process, these numbers demonstrate 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."
'Confidence in protection is low' - Aegon
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