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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 this week by the provider shows that of the 29 claims it received in 2013, two were declined – one due to the customer not meeting the definition and one for misrepresentation.

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

Aegon protection director Dougy Grant says the low number of IP claims received by the provider can affect the figures dramatically. IP sales represented less than 2 per cent of its total 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.

Master Adviser senior partner Roy McLoughlin says: “The public needs to be encouraged more and more to take up this kind of protection.

“The most effective way to improve public opinion around IP is for all providers to publish their claims stats to show that these policies do in fact pay out.”

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