Last year, during the initial height of the pandemic, insurers received 7,000 life insurance claims and paid out £90m to support families of those who had sadly lost their lives to the virus, representing total claims of £980,000 settled every day.
Data from the Association of British Insurers reveals that, between 1 March and 31 May last year, 6,689 claims were received under individual protection policies and 351 claims were received under group schemes (including a small number of permanent disability and critical illness claims). Interestingly, this equates to 77 daily claims over the period.
Claims settled – Positive news
The overwhelming majority of these claims (83%) had been settled by mid-August and reassuringly, every life insurance claim made during this time was accepted.
The average claim value paid on term insurance policies was anticipated to be £63,000, with the group policy average payout totalling around £137,000.
Protection is unequivocally vital
These figures go to show how valuable it is to have the right protection cover in place. None of us know what the future holds, which is why it’s important to get advice and support to make sure your family is properly protected in 2021 and beyond.
As with all insurance policies, conditions and exclusions will apply
Catch up on our other blog posts:
Are you protected from canine chaos?
If you have a dog, you’ll know that they can be cute, loving… and a whole heap of trouble! Aviva1 recently backed this up when it revealed some of the company’s more noteworthy pet-related claims. From the pooch who turned on a tap and flooded his owners’...
Save by living just outside hotspots
By choosing to live just outside highly sought-after locations, analysis has shown that homebuyers could benefit from savings of up to 55%1, without forsaking their preferred location. Average savings come in at around 34% when locating five or ten minutes from a...
The money taboo – it’s good to talk it out
Are you worried about your finances? If so, you’re certainly not alone. According to a recent survey, 90% of households are worried about rising prices1. Financial worries can cause a great deal of stress and anxiety. In fact, nearly one in five people say they have...
Wellbeing benefits of income protection
Income protection insurance can be a cost-effective way of protecting yourself financially if you are unable to work due to illness or injury. What many people don’t realise is that taking out an income protection policy can have benefits beyond the financial....
Plan to avoid home buying stress
Job interview, driving test, family life… the list of life’s stresses is, unfortunately, long and varied. New research has revealed, however, that buying a home comes out on top. Can’t Buy Me Stress 37% of recent UK homebuyers said that buying a house was one...
Seeing protection in a new light
Nobody wants to think something bad happening to them. Perhaps it’s why so many people shy away from protection insurance – after all, it’s all too easy to think ‘it’ll never happen to me’. Unfortunately, ‘it’ can and does happen, whether ‘it’ be injury,...
Back to normal? Property update
Amid the backdrop of war in Ukraine and the spiralling cost of living, unpredictability is at the forefront of many people’s lives right now. The outlook for the housing and mortgage markets is no less uncertain. Taking a step back, however, it is possible to...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Flexible appointments
Or call —02380224925