At the height of the pandemic, between 1 March and 31 May last year, insurers received 7,000 life insurance claims and paid out £90m, equivalent to £980,000 every day1.
Full year figures revealed
The Association of British Insurers (ABI) has now published figures for the whole of 2020, showing that 43,160 new claims were paid on term insurance policies (individual and group combined), with an average payout of £79,304 per claim. This equates to a total of £3.4bn paid in life insurance claims for the year, up by £349m from 2019.
Reassurance
Reassuringly, 98% of all protection claims were paid in 2020. Charlie Campbell, Manager for Health and Protection at the ABI said, “The pandemic reinforced just how valuable the protection provided by insurers has been. The high number of claims paid should give people confidence they can trust that their insurance provider will be there when they need them.”
The importance of cover
The figures emphasise how important it is to have the right life cover in place. No one knows what’s around the corner, so if you’d like advice and support to ensure your family is properly protected, please do get in touch. We can help you find life cover that suits your budget and circumstances.
As with all insurance policies, conditions and exclusions will apply 1ABI, 2020 & 2021
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