LV= paid out 96% of all new individual protection claims during 2015 totalling £56 million over the year.
During 2015 LV= paid 100% of 50Plus claims and unemployment claims, 99% of terminal illness claims, 97% of death claims, 92% of income protection claims, and 91% of critical illness claims.
On average LV= paid more than £1 million per week to nearly 5,000 families.
The company has also been investing in technology to help simplify and speed up the claims process.
LV= now settles more than 70% of 50Plus claims over the phone, without the customer needing to send a completed claim form in the post, and most dependants receive pay outs within just three days.
The insurer confirmed it will soon be using digital and smartphone technology to allow customers to provide medical evidence and exchange scanned documents and images.
Myles Rix, managing director of protection at LV= [pictured] said: "Protection policies offer a financial safety net to households at an extremely difficult time but we know that some consumers worry that claiming will be a hard process.
"We are releasing these numbers to make it clear that in the overwhelming majority of cases we pay out, and so advisers can use this information to demonstrate the real benefits of these products to their clients."
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