British Friendly – How many Income Protection claims were paid in 2020?
British Friendly paid 87% of all claims received in 2020. Covid-19 related conditions were the second-highest reason for a claim.
- British Friendly has recorded a 52% annual growth increase in the amount paid out in claims
- Totalling £5.6 million paid to over 1,300 members
- 95% of all income protection claims have been paid since it began recording claims data in 2005
- Most claimed for: musculoskeletal conditions (40.4%), Covid-19 (13.6%), anxiety/depression (13.4%), non-Covid related respiratory and infectious diseases (9.4%)
- The average claiming age group were in their 40s
- The gender split 64% male and 36%, female
- The average benefit paid out to its members on pure income protection policies was £1,170 per month
Why were some claims not paid?
British Friendly stated that the 13% of declined claims were due to the policy definition not being met. Or, non-disclosure of a medical condition at the application stage.
Lewis Potter, head of claims for British Friendly, said: “While the last year has brought new challenges in all areas of life, our focus is ensuring we can continue to support our members for many years to come in both sickness and in health.
“We have seen a dip in claims paid statistics in 2020, as have many of our peers, but our long-standing commitment to supporting our members is demonstrated in the 95% of claims paid out over the last 15 years.”
Source: Cover Magazine May 2021
For more claims information please click to go through to the British friendly website
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