Royal London pays 90% of IP claims

Royal London paid 90 per cent of income protection claims last year, the provider’s latest claims statistics reveal.

The business paid 73 new IP claims in 2014. Including ongoing claims, Royal London paid out £3.2m to 246 claimants last year.

The average age of a policy claimant was 41 and the average payout was £13,000. The top five reasons for claims were cancer, musculoskeletal conditions, mental health conditions, stroke and multiple sclerosis.

The average duration of an IP claim was just over four years.

Royal London head of protection Debbie Kennedy says: “It’s reassuring to report our 90 per cent figure for income protection claims paid.

“Overall our claims experience adds strength to our reputation of aiming to pay as many claims as possible.”