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Cirencester Friendly, one of the top UK friendly societies, has just released its claims data for 2019. Last year, it paid 95.7% of all Income Protection claims it received, worth a total of £5.9 million.
Cirencester Friendly’s latest claims statistics for the 12 months to December 2019 have just been released, revealing that the mutual society paid 95.7% of all Income Protection claims received in 2019. This is above its 10-year average of 94% of claims paid each year over the past decade.
In total, Cirencester paid out almost £6 million worth of Income Protection benefits in 2019.
The top reasons people made claims on their Cirencester Friendly Income Protection last year were:
Tom Conner :: Director
“It’s great to see yet another friendly society leading the pack when it comes to publishing their claims data — Cirencester Friendly is the third friendly society which has released its claims data in rapid succession, building huge confidence in not only the Cirencester brand but also in mutual societies as a whole.
“While potential clients may be keen to go with an insurer they’ve heard more about — e.g. household names Aviva or Legal & General — because they have more confidence in a larger insurer, friendly societies are often just as good if not better at paying claims, which is what really matters.
“Moreover, friendly societies are run for their members with their members in mind rather than to turn a profit for shareholders, another important factor to consider.
“Another key fact found in the Cirencester Income Protection 2019 claims report is that Cirencester’s longest ongoing claim is more than 25 years as of January 2020!
“This means one client has been out of worth through illness or injury for this length of time, proving just how valuable long-term Income Protection to support you indefinitely until retirement age is compared to a short-term product that will only pay out for 1, 2 or 5 years at most.”
