SUCCESSFUL CLAIMS BY ABI INITIATIVE
It has come to our attention that some insurance providers are making more protection claims payouts compared to earlier years. This has been retrieved from Association British Insurers (ABI) revealing some figures as proof. The data showed that protection claims which added up to 97%, were paid in the year 2013 which represent an estimate of £3.0 billion in total. Some figures also show that a payout of £8.3 million each day in the same year, was made to individual clients, income protection and critical illness claims. In comparison to the year 2012, this represents a rise of £2 million in relation to the Association British Insurers data. Continue Reading…
It has further been revealed that an average payout for whole life policy was at least £10,000 with 99.9% protection claims considered paid. That totals up to about £450 million of payouts.
REVELATIONS OF THE NEW FIGURES
The ABI reveals a notable rise in the number of claims payouts from the time ABI’s Code of Practice was introduced in the year 2008. Lack of clear information provided by clients to their insurance providers has been seen as the main cause for these figures but since the introduction of non-disclosure of information by ABI Code of Practice, the protection claims declines have continued to decrease since clients to insurers have now become more informed about the type of information they need to disclose to their insurance shops.
THE BOTTOM LINE
What has come up now is, specialists not only believe that consumers have been made much aware about what to give and not to give, but also have the courage and confidence that their protection covers will release payments when needed.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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