Originally published in 2020. The figures below describe claims made in 2019; they are historical data, not a forecast or a guarantee about an individual claim.
Claims statistics can help explain how protection policies have worked across the market. They cannot tell you whether your own claim would be accepted or how much a particular policy would pay.
What the 2019 figures showed
The Association of British Insurers reported that 98.3% of protection claims were paid in 2019. That is a figure for a particular period and mix of products. It should not be presented as the current claims rate or as a promise that every valid application will lead to a paid claim.
What determines an individual claim?
The outcome depends on the policy being in force, the insured event, the definitions, exclusions and other applicable terms. Insurers may need information to assess the claim. It is important to answer application questions completely and accurately and to ask about anything unclear before buying cover.
How much might be paid?
The amount depends on the product and the policy terms. A level term policy, decreasing term policy, family income benefit, over-50s plan and Critical Illness policy can have different benefit structures and conditions. Some policies include waiting periods or other restrictions. Do not assume that every policy always pays the full original cover amount, or that a payment is automatic following a diagnosis or death.
Check the policy schedule and wording for the benefit amount, term, exclusions and claim requirements. If you already have cover, your insurer can explain the terms of that policy. If you are comparing options, an adviser can explain how proposed cover would work for your circumstances.
Ask about protection
Start a protection enquiry to request an adviser call about Life Insurance or Critical Illness Cover. This is not an instant online quote or a guarantee of acceptance or claim outcome. You can also contact IM-Insured with a question.
