Protection 

Aegon pays over 90% of life, CI and IP claims

Aegon pays over 90% of life, CI and IP claims

Aegon UK paid a total of £113m in life, critical illness and income protection claims last year, helping more than 1,200 customers, families and businesses.

The group paid 98 per cent of life claims, with a value of £59.8m. The average size of claims paid was £96,658 and the highest claim of £4.1m for a death caused by an accident.

It paid 93 per cent of critical illness claims, remaining broadly in line with the claims paid in 2013 and representing a total value of £28.2m paid. The average size of claims paid was £78,520 with the highest claim of £600,000 being paid out for a breast cancer claim.

Aegon UK paid just over 92 per cent of new income protection claims received last year, remaining broadly in line with the claims paid in 2013, and almost £800,000 in regular monthly benefits.

Cancer was the most common reason for claiming critical illness (64 per cent), as well as for life (44 per cent) and income protection (38 per cent).

Aegon also paid 95 per cent of terminal illness claims, representing payments of just over £25m.

Dougy Grant, protection director at the firm, said the claims performance was solid.

“We have reported our claims experience for around 8 years and over the years we’ve worked hard to reduce incidents of misrepresentation and ensure that customers have the best claims experience.”

Roy McLoughlin, founding member of the Income Protection Task Force, added: “It’s imperative that the public consistently hear positive claims stories and statistics such as these.

“The message that all valid claims are paid is synonymous with the success of protection products, and Aegon’s excellent claims statistics perpetuate this.”

Last month, Zurich revealed it paid 93 per cent of income protection claims in 2014, while at the start of January British Friendly showed that it paid 96.7 per cent of income protection claims last year.

peter.walker@ft.com

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