More than £11m was paid out under MetLife UK's flexible accident and hospital cover product, MultiProtect, in 2019.
Data from the insurer showed in 2019 it settled 14,730 claims - at a rate of 56 a day - and paid out a total of £11.1m.
The Child Cover optional benefit, starting from an additional £1 a month, had evidently proved popular, as 31 per cent of the total claims paid were for children, equating to a total of 4,565 claims being paid for child-related accidents and illnesses.
According to MetLife, the number of claims was 28 per cent higher than the previous year, and Stuart Lewis, head of claims at MetLife UK, said part of the reason was strong sales of MultiProtect’s accident and hospital cover product, which complements traditional protection policies, enables individuals and families to access affordable and flexible financial protection that covers everyday risks.
But adults also benefited, according to Mr Lewis. Adults living active lifestyles submitted claims under the optional Active Lifestyle Cover and of these 101 were paid out, averaging one claim paid every two and a half days.
Payments for complete tears of ligaments, ruptures to tendons and complete dislocations pay out up to £5,000 per injury. This covers one dislocation and one complete tendon rupture or complete ligament tear in each policy year.
MetLife's data also showed that 88 per cent of all UK hospitalisation claims paid related to stays in hospital due to sickness, with adult claimants spending on average six days in hospital.
One of the key factors that I’d like to recognise is the integral role that advisers often play in the customer experience at the claim stage. -- Stuart LewisBut in 2018, PollRight had canvassed 2000 advisers to ask why clients were reluctant to buy individual protection policies, and 51 per cent of advisers said it was because people were worried about the history of claims payouts, and 56 per cent did not believe protection policies were relevant to their everyday lives.
Mr Lewis said: "After a year which has seen more claims than ever before within the individual protection business, one of the key factors that I’d like to recognise is the integral role that advisers often play in the customer experience at the claim stage."
He said while many customers would turn to their adviser when they need the product to deliver something for them, particularly at the time of claim, it was important to work together with advisers to "continue to deliver on our promises and pay out when our customers need it most".
MetLife’s MultiProtect policy is a stand-alone policy which, alongside a variety of benefits, specifically covers broken bones, including some fractures and chips to bones.
Child Cover can be added for just £1 a month per adult insured, and covers all children in a household, up to the age of 23 and in full-time education. If both parents select the cover they can protect children twice.
Maximum payouts are up to £250 a day for UK hospital stays, £3,750 for broken bones, £250,000 for total permanent disability and £200,000 for accidental death.
Customers can take out a policy from age 18 up to their 60th birthday and cover will continue until they reach 70.
The product also gives policyholders complementary access 24/7 to the Wellbeing Support Centre, which provides emotional and practical support.
simoney.kyriakou@ft.com
