Which Income Protection Providers Have the Best Payout Rates?
It is very natural to consider one Income Protection insurer as being better than another based on payout rates (i.e. the percentage of all claims that are paid).
For those insurers that do publish payout rates they tend to be very high, with most providers publishing rates that are over 90% of all claims made.
Please note that the payout rate is very unlikely to ever be 100% as there are always going to be issues with people not being truthful on their application and trying to claim for current / ongoing conditions.
The above Income Protection Insurance payout statistics shouldn’t be used to make an exact comparison of insurers but rather to get a general understanding of payout rates across insurers as a whole.
Making An Income Protection Claim
Paying claims is the most important thing income protection insurers can do and over the past few years, there have been a number of developments making it easier for clients to claim as well as speeding up the process of approving claims.
A number of insurers are now accepting claims over the telephone completely doing away with lengthy claims forms.
If you have an income protection policy and have suffered an illness or injury which you think will result in a claim you are best to let your insurer know as soon as possible. The sooner they can start processing a claim the quicker they can approve it and start paying your benefit.
British Friendly and Neil’s Cancer Claim…
Neil is a client of Drewberry who took out an Income Protection policy with British Friendly. He’d had his policy for just 4 years before falling ill.
After experiencing a bout of stomach pains, Neil took himself to his GP who referred him on for further tests. These tests discovered that he unfortunately had bowel cancer, and it was already at stage 2.
Neil needed surgery to remove the cancer, but developed post-operative sepsis and had to spend several weeks in hospital recovering, completely unable to work.
British Friendly began paying him a proportion of his earnings after his deferral period, allowing him to keep up with all the important bills, such as his mortgage, which he was unwell.
🤕 Read More About Neil’s Claim