Briefings


Five startling facts about insurance payouts

Issued: 12 October 2016

 

That may sound like the headline from an ad we see at the bottom of some websites, but it’s not – it’s actually the title of a headline analysis of a major protection insurance survey.

It’s a ‘must-read’ as the results firmly debunk that age-old myth that insurance companies wriggle out of paying claims – and if they don’t payout out, then why pay in? Yes, according to a recent survey, many people think that only one in every two claims is successful, a belief that dramatically affects our decisions on whether or not to take out critical illness cover or income protection insurance.

Drewberry Insurance’s 2015 Protection Insurance Survey was carried out in partnership with online survey company One Poll and asked nearly 2,000 workers their views on protection policies. To see the full results of the survey please visit Drewberry’s website – but here are five headline facts from Drewberry’s Tom Conner, courtesy of unbiased.co.uk and ‘startling’ is probably the best way to describe them.

  1. 97.2% of claims on protection policies were accepted in 2015 (according to ABI figures).
  2. Insurers paid £3.6billion in successful claims on protection policies in 2015.
  3. Almost 130,000 customers and their families benefitted from protection policies last year – and the number is rising fast.
  4. The rate of successful claims is getting better, not worse.
  5. It’s not just ‘friendly societies that are more likely to pay out, corporate insurers are generally just as good.

Those are the facts. Despite our beliefs, most insurance companies pay most claims – and if that’s the case, our mistrust is depriving both ourselves and our families of what may be invaluable financial assistance should something dreadful happen in our lives. Perhaps it’s time to get a quote rather than just think about it…

One Financial Solutions is here to help you. As a firm of independent financial advisers we can provide impartial advice to help you identify the potential risks you face and develop a strategy that protects against their consequences. We’ll recommend the best products from across the whole of the financial services market and help put in place the safeguards you need to protect both you and your dependants.

So, if you’re looking for help with any aspect of protecting yourself, please call us on 020 3714 9565 or ask us to call you by sending an email to admin@onefinancialsolutions.co.uk.

Five startling facts about insurance payouts

Five startling facts about insurance payouts Issued: 12 October 2016   That may sound like the headline from an ad we see at the bottom of some websites, but it’s not – it’s actually the title of a headline analysis of a major protection insurance survey. It’s a ‘must-read’ as the results firmly debunk that age-old myth that insurance companies wriggle out of paying claims – and if they don’t payout out, then why pay in? Yes, according to a recent survey, many people think that only one in every two claims is successful, a belief that dramatically affects our decisions on whether or not to take out critical illness cover or income protection insurance. Drewberry Insurance’s 2015 Protection Insurance Survey was carried out in partnership with online survey company One Poll and asked nearly 2,000 workers their views on protection policies. To see the full results of the survey […]

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