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Aegon pays out 93% of IP claims

Aegon paid out on 93 per cent of income protection claims received last year, up from 83 per cent for 2012.

Data published today by the provider shows that of the 29 claims it received in 2013, two were declined. One claim was declined due to the customer not meeting the definition and one for misrepresentation.

In total, Aegon paid £342,100 in IP claims last year. It says cancer was the top reason for a claim, followed by musculoskeletal conditions.

Aegon protection director Dougy Grant says the low number of IP claims the provider receives can impact the figures dramatically. IP sales represented less than 2 per cent of its protection sales in 2013.

Grant says: “With only 29 claims received last year, a single decline can make all the difference, so while this year we see an increase in the number of claims paid, it will only take one declined claim next year to completely change our story.

“However, while we don’t believe this data can provide any meaningful like-for-like comparison, we continue to share it for the sake of complete transparency for both advisers and customers.”

Last week, Aegon published data showing it paid out on 93 per cent of critical illness claims, and 94 per cent of life claims, in 2013.

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