Claims Data
Hi everyone, we are going through claims stats in our latest episode. Don’t worry we are not just going to be throwing a load of numbers at you, I also won’t be naming insurers either. We are talking through how much was been paid out in protection in 2022, the successful stats rate of different products, the biggest cause of claims and our thoughts on terminal illness cover too as the stats on these can be confusing.We will also be talking about the awful times when insurance claims don’t pay out in the protection space. This situation is never nice for anyone. There are times when things don’t go right, but a lot of the time when a claim isn’t paid there is a valid reason.The key takeaways:In 2022 £6.85bn was paid out in protection insurance claims.Terminal illness cover claims are a little tricky to monitor as the claims are not usually declined, they are postponed.Only 2% of claims were declined in 2022 across the market and more than of these were due to relevant disclosures not being included in the original application.Next time Matt Rann will be back with me and we will be talking about kidney disease and what this means for your life insurance, critical illness and income protection options. Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our website, thanks to our sponsors Octo Members.If you want to know more about how to arrange protection insurance, take a look at my 13 hour CPD Protection Insurance in Practice course here and 1 hour CPD Protection Competency Exam here.