Claims
94%
of all new individual protection claims were paid in 2017 – totalling over £87 million
Protection summary 2017 | Critical Illness | Income Protection | Personal Sick Pay | Unemployment | Life | Terminal Illness | 50+ | LifeTime+ |
---|---|---|---|---|---|---|---|---|
Total value of claims paid | £20.8m | £12.8m | £3.0m | £511,804 | £27.5m | £6.8m | £13.1m | £2.1m |
Average annual benefit/payment | £77,228 | £14,234 | £2,126 | £8,675 | £60,887 | £91,781 | £3,102 | £38,838 |
Highest annual benefit/payment | £765,375 | £146,441 | £29,868 | £37,742 | £2,616,000 | £450,000 | £25,000 | £1,250,000 |
Policy in force duration | 7 yrs 0 mths | 8 yrs 1 mth | 1 yr 4 mths | 3 yrs 7 mths | 9 yrs 0 mths | 6 yrs 4 mths | 6 yrs 5 mths | 8 yrs 11 mths |
Ave. age customer at claim | Critical Illness | Income Protection | Personal Sick Pay | Unemployment | Life | Terminal Illness | 50+ | LifeTime+ |
---|---|---|---|---|---|---|---|---|
![]() Male | 52 | 48 | 35 | 45 | 63 | 60 | 73 | 73 |
![]() Female | 47 | 45 | 38 | 45 | 63 | 56 | 72 | 72 |
![]() Youngest customer | 24 | 22 | 20 | 30 | 25 | 34 | 51 | 51 |
We have also introduced an early payment of up to £10,000 for death claims on all life products** which can be paid within 24 hours. Find out more about the early payment here
*includes new claims admitted in 2017 and those already being paid before 1 January 2017 that continued to be paid in 2017, we paid 88% IP for new claims admitted in 2017.
** Subject to fraud procedures, this covers all death claims on Life products with the exception of policies written under pension rules and “Family Income Benefit” plans.
More about our underwriting criteria and when we'll need more client information.
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