AIG Life announced that it paid out a total of £92m in life and critical illness claims in 2018 – helping over 1500 individuals and families. This was a 26% increase from £73m that was paid out in 2017.
AIG Life also saw an increasing number of claims for children’s critical illness pay-outs to parents. Four in 10 customers who accessed Best Doctors’ second medical opinion service received a new diagnosis in 2018 for themselves or a family member, or changed their treatment following the advice given. One in six Best Doctors cases reviewed, were for the child of a policyholder.
Life Cover Claims
- AIG Life paid 99% of Life Cover claims in 2018, same % as in 2017
- They paid out a total of £52 million in Life Cover claims in 2018
- Claims of £48,000 were paid on average with the largest being over £1.7 million
- The average age of claimant was 65 years old
Critical Illness Cover Claims
- AIG Life paid 94% of Critical Illness cover claims in 2018, up from 93% in 2017
- The largest Critical Illness claim paid was £500,000
- The average age of a claimant was 47 years
- The “key three” conditions suffered by AIG Life policyholders continue to be cancer, stroke and heart attack, along with multiple sclerosis, and these amounted to 82% of adult critical illness claims paid
- Cancer made up 66% of CI claims.
- Children’s critical illness largest claim was £77,000. With the largest number of children’s claims being for cancer.
- Children’s Critical Illness saw £850,000 being paid out in claims.
AIG Life’s comments
Adam Winslow, AIG Life CEO, said: “Taking out protection insurance to look after your family is a truly selfless act so when life takes a terrible turn, you want feel that behind the ‘faceless’ insurance company there’s some friendly experts who will be supportive every step of the way.
“Paying claims is what we’re here for. It’s why we exist. But offering access to a global second medical opinion service such as Best Doctors is our way of providing customers and their families with as much backing as possible, regardless of whether it relates to a claim. I find it particularly rewarding when I see the extra services we provide are making a real difference to people’s lives.”
Source: Cover Magazine February 2019
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