February 7, 2019

 

British Friendly logo claims

 

 

British Friendly – How many Income Protection claims were paid in 2018?

 

The top three reasons for claiming were stated to be Orthopaedic, viral illness/respiratory and mental health.

Income protection (IP) provider British Friendly paid 94.7% of claims in 2018, statistics show.

Since 2005, the insurer has paid an annual average of 96.2% of all IP claims.

Of the declined claims, 1.3% were for non-disclosure and 4% were for not meeting the definition of incapacity.

The main reasons for claims are orthopaedics (44%), viral illness/respiratory (17%), psychiatric (11%), cardiovascular (5%), digestive (5%) and neurological (5%).

Source: Health Insurance and protection daily Jan 2019 https://www.healthinsurancedaily.com/health-insurance/product-area/income-protection/article487278.ece

Financial support and recovery

British Friendly launched immediate support payment, recovery support benefit and terminal illness benefit as well as a string of mutual benefits during 2018.

“This means income protection cover which not only protects them from the financial implications of an income shock caused by illness or accident, but also helps them on the road to recovery. To this end we have continued to innovate, launching several new initiatives not usually covered by a typical income protection policy, such as recovery support benefit and legal support, at no extra cost.” Andy Parker Claims and Underwriting Director British Friendly.

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