Will My Income Protection Pay-Out?
Do Income protection policies pay customers when they need to make a claim? At Protect income Insurance we review the latest statistics from the leading providers for 2021. The latest results show an increase in the amount of claims paid to policyholders.
In 2021 the leading UK providers of protection policies including Life Cover, Critical Illness and Income protection have paid a total of £6,668,805,847 to policyholders. This has helped thousands of UK households with monthly Income, long term illnesses and bereavements.
Detailed in our helpful chart is the amount of settled claims by each insurer (per Million pounds) which shows the largest provider being Aviva and smaller providers including AIG and The Exeter.
The claims data from the leading Insurance providers also shows that Cancer, Heart conditions, musculoskeletal and Covid were the most common reasons for claims in 2021.
The most claimed condition for Life Cover:
Cancer
Respiratory
Covid
Most common Critical illness Cover Claims:
Cancer
Heart Conditions Stroke
Income protection Claims:
Musculoskeletal
Cancer
Mental health
Each Insurer provides their claims data differently and we have created simplistic charts to show Life Insurance claims, Critical Illness Claims and Income protection claims
Income Protection Claims 2021
Legal & General 2021 Claim Statistics
In 2021 Legal & General received 16890 claims against their policies including Life Insurance, Critical illness and Income protection Insurance. The total amount paid to policyholders for successful claims was £797,000,000 which was 98% of all claims submitted. Only 2% of claims could not be paid to policyholders because of non-disclosure of medical conditions or smoker status and not covered by the policies.
Legal & General paid £2,183,561 per day in claims to policyholders.
Legal & General received 417 claims against Income Protection Insurance policies from policyholders totalling £3,059,074.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 37%
Cancer 12.5%
Covid 9.8%
It is important to note that some policyholders did not have successful claims due to non-disclosure or not within the policy coverage. To help you avoid a potential unsuccessful claim from an Income Protection Insurer and compare each different policy and the different costs involved, simply use an experienced FCA regulated broker like Protect Income Insurance to find the right policy for you and your loved ones.
Our team of advisors can help you calculate your costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the absolute right cover at the best available price.
Claims Against Vitality Policies 2021
Vitality received claims totalling £82,800,000 against Life Insurance, Critical Illness Cover and Income protection policies which was paid to policyholders. Only 0.2% of claims could not be paid to policyholders because of non-disclosure of medical conditions or smoker status and not covered by the policies.
Vitality paid £226,849 per day in claims to policyholders.
Vitality received claims from policyholders totalling £650,000 against Income Protection Insurance policies.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 25%
Cancer 24%
Mental Health 21%
By using an experienced FCA regulated broker like Protect Income Insurance Cover to find the right policy for you and your loved ones can help you to find the best provider for you and your loved ones to protect their financial future.
Our team of advisors can help you calculate your costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the absolute right cover at the best available price.
Aegon 2021 Claims Results
Aegon received claims totalling £139,000,000 against Life Insurance, Critical Illness Cover and Income protection policies which was paid to policyholders and their families. Five percent of claims could not be paid to policyholders due to non-disclosure of medical conditions, smoker status and not covered by the policies.
Policyholders received £380,821 per day in claims from Aegon.
Aegon received claims from policyholders totalling £1,430,000 against Income Protection Insurance policies.
The main conditions claimed on Income Protection policies include:
Cancer 32%
Mental Health 22%
Cerebrovascular 6%
At Protect Income Insurance we can help you find the right policy for you and your loved ones and the best provider for your financial future.
Our team of advisors can help you calculate your costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the absolute right cover at the best available price.
Claims Against Aviva Policies 2021
In 2021 Aviva received 53173 claims against their policies including Life Insurance, Critical illness and Income protection Insurance. The total amount paid to Aviva policyholders for successful claims was £1,100,000,000 which was 98.1% of all claims submitted. Only 1.9% of claims could not be paid to policyholders because of non-disclosure of medical conditions or smoker status and not covered by the policies.
Aviva paid £3,013,698 per day in claims to policyholders.
Aviva received 4300 claims against Income Protection Insurance policies from policyholders totalling £ 51,206,137.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 37%
Mental Health 21.3%
Cancer 11%
Some policyholders did not have successful claims due to non-disclosure or not within the policy coverage. To help avoid a potential unsuccessful claim from an Income Protection Insurer and compare each different policy from all the providers, simply use an experienced FCA regulated broker like Protect Income Insurance to find the right policy for you and your loved ones.
Our specialist team of advisors can help you calculate your costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the absolute right policy for you and your family.
Royal London Claims Data
Royal London received 85063 claims against their policies including Life Insurance, Critical illness and Income protection Insurance in 2021. The total amount paid to Royal London policyholders for successful claims was £632,000,000 which was 99.5% of all claims submitted. Only 0.5% of claims could not be paid to policyholders because of non-disclosure of medical conditions or smoker status and not covered by the scope of the policies.
Royal London paid £1,731,596 per day in claims to policyholders.
Royal London received 924 claims against their Income Protection Insurance policies from policyholders totalling £ 1,056,727 in 2021.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 36%
Cancer 16%
Mental Health 10%
Some Royal London policyholders did not have successful claims because of non-disclosure or not within the policy coverage. To avoid a potential unsuccessful claim from a provider and compare each different policy from all the providers, use an experienced FCA regulated broker like Protect Income Insurance to find the best policy for you and your loved ones.
Our team of experienced advisors can help you calculate your monthly premium costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the absolute best policy for you and your family.
Zurich Protection Claims 2021
Zurich received claims totalling £332,000,000 against Life Insurance, Critical Illness Cover and Income protection policies which was paid to policyholders in 2021. Only 2% of claims could not be paid to policyholders because of non-declaration of existing of medical conditions or smoker status and not covered by the scope of the policies.
Zurich paid £909,589 per day in claims to policyholders.
Zurich received claims from policyholders totalling £5,770,000 against their Income Protection Insurance policies in 2021.
The main conditions claimed on Zurich Income Protection policies include:
Mental Health
Neurological Disorders
Musculoskeletal
By using an experienced FCA regulated broker like Protect Income Insurance can help you to find the best provider for you and your loved ones to protect their financial future.
Our team of experienced advisors can help you calculate your monthly costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the right cover at the best available price.
AIG Protection Policy Claims In 2021
In 2021 AIG received 5308 claims against their policies including Life Insurance, Critical illness and Income protection Insurance. The total amount paid to their policyholders for successful claims was £306,000,000 which was 96% of all claims submitted. Four percent of claims could not be paid to policyholders because of non-disclosure of medical conditions or smoker status and not being covered by the policies.
AIG paid £838,356 per day in claims to policyholders.
AIG received 65 claims against Income Protection Insurance policies from policyholders totalling £1,000,000.
The main conditions claimed on AIG Income Protection policies in 2021 include:
Musculoskeletal 35%
Cancer 14%
Mental Health 14%
Covid 12%
Some AIG policyholders did not have successful claims due to non-disclosure or not within the policy coverage. Avoid a potential unsuccessful claim from an Income Protection Insurer and compare each different policy from all of the UK providers and the different costs involved. Simply use an experienced FCA regulated broker like Protect Income Insurance to find the right policy for you and your loved ones.
Our team of advisors can help you calculate your costs for you, save you the hassle of researching and comparing quotes and ensure you’re getting the best policy for you and your family.
LV= Claims Paid to Policyholders
LV= received over 9000 claims against their policies including Life Insurance, Critical illness and Income protection Insurance in 2021. The total amount paid to LV= policyholders for successful claims was £119,000,000 which was 96% of all claims submitted. Only 4% of claims could not be paid to LV= policyholders because of non-disclosure of medical conditions or smoker status and not covered by the scope of the policies.
LV= paid £326,027 per day in claims to policyholders.
LV= received 951 claims against their Income Protection Insurance policies from policyholders totalling £ 13,600,000 in 2021.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 20%
Fractures 20%
Cancer 17%
Mental Health 15%
Covid 4%
Some LV= policyholders did not have successful claims because of non-disclosure or not within the policy coverage. Avoid a potential unsuccessful claim from a provider and compare each different policy from all the providers by using an experienced FCA regulated broker like Protect Income Insurance. Helping you to find the best policy for you and your loved ones for the future.
Our team of experienced advisors can help you calculate your monthly premium budget costs for you, compare quotes from all the UK providers and ensure you’re getting the absolute best policy for you and your family.
Policy Claims Made Against The Exeter 2021
The Exeter also provides specialist Life Cover protection policies for people with medical conditions. Unfortunately the 2021 claims statistics have not been published to be included, when they become available they will be added.
The Exeter paid £28,767 per day in claims to policyholders.
The Exeter received 1318 claims against their Income Protection Insurance in 2021 and the total amount paid to policyholders for successful claims was £10,500,000 which was 93% of all claims submitted. Only 6% of claims could not be paid to The Exeter policyholders because of non-disclosure of medical conditions or smoker status and not covered by the scope of the policies.
The main conditions claimed on Income Protection policies include:
Musculoskeletal 38.4%
Covid 20.9%
Hips/knees 9%
Mental Health 7.1%
Gastro conditions 5.8%
Our team of experienced advisors can help you calculate your monthly premium budget costs for you, compare quotes from all the UK providers and ensure you’re getting the absolute best policy for you and your family.
Claims Not Paid In 2021
From all of the 2021 claims data from the leading protection providers, there are still many claims being declined. At Protect Income Insurance we always advise our customers, when taking out Income Protection, life insurance/critical illness/cover or any other products:
Do not withhold medical conditions because Insurers will want to speak to your GP.
Be open and transparent on your needs.
Limitations on policy types and coverage.
By applying all of the above information to the insurers when obtaining a policy will provide an accurate premium and if needed a successful claim. Although it may be tempting to resist the urge to disclose an ongoing medical condition or smoker status to pay a cheaper monthly premium. By choosing not to provide the correct information could invalidate your policy and undo all of the future planning that you have done to benefit your loved ones.
Our specialist team at Protect Income Insurance always explain to new customers about what the policies will protect against and a policies limitations. This allows you to make an informed choice prior to purchasing insurance from a provider.
