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
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