For the sixth year running, all life insurance claims made to Old Mutual Wealth have been paid out, according to the company’s data.
Figures released yesterday (22 February) show that 100 per cent of life insurance claims made in 2015 were paid, with the company also paying out in 95.43 per cent of critical illness claims.
In total, 92 per cent of critical illness claims were made for cancer, heart attacks, heart surgery, strokes and multiple sclerosis.
The average male claimant was aged 52, with 48 being the average age for female claimants.
During 2015 Old Mutual Wealth’s Protect product was enhanced by the addition of the ‘There for You’ support service, at no extra cost to policyholders.
The support service provides Old Mutual Wealth customers access to telephone-based personal nurse advisers who provide practical advice and emotional support.
Paul Roberts, head of protection at Old Mutual Wealth, said: “The twin negative perceptions that the protection industry and advisers are working to overcome are ‘it’ll never happen to me’ and ‘insurers don’t pay out.’
“We’re very proud of our claims statistics because as an insurer it is our intention to pay out as many claims as possible.
“Very often you hear people refer to the number of conditions contained in a policy but it is clear that with over 92 per cent of claims coming from five conditions, it is the quality of the cover you have in place that counts.”
Claire Walsh, Chartered Financial Planner for Aspect8, said: “It is good to hear that the portion of recognised claims is increasing.
“I think it would be more interesting to hear the reasons why claims are denied so that advisers and clients could learn from these.”