Life Insurance And Critical Illness Cover Claims Statistics
- the insurance industry pays out £6.3 millions every day in individual life, critical illness and income.
- Protection insurance claims. The average pay-out on a life insurance policy is £46.000, two and a half times the average annual take-home salary.
- 97% of life insurance claims were paid out on 2011.
- There were 32.540 life insurance claims made in 2011 totalling £2.213.279.000.
- 3% of life insurance claims were declined due to fraud or customers failing to disclose relevant medical information to their issuer.
- The average payout of a critical illness policy is £59.000.
- 89% of critical illness cover policies were paid out on in 2011.
- This is an 9% increase in the 80% of critical illness cover policies paid out in 2005.
- Of the 11% of declined claims most were from customers failing to declare all their medical conditions.
- There were 15.060 critical illness cover claims received in 2011 totalling £894.010.000.
Sources: www.abi.org.uk; www.statistics.gov.uk.