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Payment protect payouts for critical illness increased in 2010

Payment protection payouts for people who were critically ill increased in 2010.

That is according to research by LV=, which found that over the course of last year, 93.5 per cent of critical illness claims were paid, compared to 90 per cent in 2009.

Findings also revealed that 92 per cent of income protection claims were paid in 2010, up two per cent compared to the previous year.

Mark Jones, LV= head of protection, said: "When people make a claim on a protection policy, it is often at an extremely difficult time in their life.

"As such it is absolutely vital that we are a provider that can be trusted, not just to pay claims, but also to treat claimants in a caring and professional manner."

The amount the firm paid out in 2010 amounted to over £9 million for critical illness claims and £12 million for income protection claims.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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