Friends Provident pays over 92% of CI claims
Share
Friends Provident paid over 92 per cent of its critical illness claims last year.
The provider paid £34.5m in CI claims, representing 92.6 per cent.
Of the 7.4 per cent declined claims, 2.1 per cent were due to non-disclosure and 5.3 per cent due to definition not met.
The average payout was just under £59,000, with the largest claim paid reaching £600,000.
Friends Provident head of protection Ed Stuart-Brown says: “What these figures show is just how valuable critical illness benefits are, very often a financial lifeline in difficult times.
“The industry sometimes finds itself under attack for turning down a small proportion of claims, but the reality is we are in business to pay claims rather than to find reasons not to.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (2)
Richard Wyatt-Haines - Exeter & Pioneer | 14 Apr 2010 9:57 am
Well done Ed for releasing your figures and thereby reinforcing the value you deliver through your CI policies. This all helps to rebuild the consumer trust that we have damaged.
This is why at Exeter & Pioneer we strongly believe in releasing our claims stats for income protection and PMI, and support moves by all players to release their claims figures for all their products.
There are still gaps (by providers and for products) that need to be filled so that consumers can understand what they are buying. None of us would buy a car without knowing how it performs.
Unsuitable or offensive? Report this comment
Bill Terr | 14 Apr 2010 1:10 pm
they really need to lock down the non disclosure parts, its the thing that slips through the open drawers more often than not, and it can make a difference to peoples lives at a dificult time
Unsuitable or offensive? Report this comment