£220m paid out in life insurance for COVID in 2020

£202m paid out in life insurance for COVID in 2020

According to the latest figures from the Association of British Insurers (ABI) March 2021, 10,205 claims were made for individual policies. Included in these figures were whole life, term insurance and critical illness policies.

The average pay-out on individual policies was £13,100.

The ABI states that this is their first instance of collecting life insurance payout data from a single event, reflecting the “unprecedented pandemic.”

Statement on Covid by the ABI

Yvonne Braun, the ABI’s director of long-term savings and protection, said: “No one will have been affected by the pandemic more than the families of those who have tragically died due to Covid. 

“While no amount of money can ever replace a life, insurers have and continue to do everything they possibly can to help families cope financially through these distressing and worrying times.”

2020 has been an unpredictable year, and Future Proof has continued to provide expert advice to its clients and support them through the pandemic. We have contacted our clients to remind them about the benefits they can access remotely, including virtual GP appointments and mental health support, and provided claim support.

The pandemic has amplified the importance of having protection in place.

Source: Cover Magazine March 2020

If you are interested in arranging protection insurance it really can pay to take expert advice.

Next steps

Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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