Legal and General’s 2020 claims data show that the major UK insurer paid:
Legal and General paid 97% of all Life and Over 50’s Life Insurance claims and 94% of all Terminal Illness claims last year. In total, these claims came to more than £459 million.
The average Life Insurance claim stood at £39,094, while for Terminal Illness claims the average figure was £107,214.
In relation to Covid-19 Legal and General paid 1,214 claims to help support its customers and their families. Over £39m of claims were paid out where Covid-19 was an attributing factor to someone passing away, with an average payout of £32,287.
Legal and General paid out on 2,973 policies for critical illnesses and children’s critical illnesses in 2020. In total, these claims amounted to more than £204 million.
IMPORTANT STATISTIC 🧐
The average age of a Critical Illness Insurance claimant (excluding children) was just 48 years old.
Cancer triggered the highest proportion of claims, accounting for 64% of the total. Heart related (13%) and strokes (7%) occupied the second- and third-most claimed for conditions.
For new claims paid in 2020 plus existing claims carried over from previous years, Legal and General paid 93% of claims.
Legal and General helped 544 people with new and existing Income Protection claims in 2020, with an average monthly claim of £872 being paid.
The most common reasons for Income Protection claims were musculoskeletal problems (32%), cancer (17%) and mental health issues (12%).
The average age of an Income Protection claimant was just 41 years old.