The Exeter – How many Income Protection Claims were paid in 2020?

The Exeter – How many Income Protection Claims were paid in 2020?

The Exeter income protection (IP) claims statistics in 2020:

  • Payouts for income protection totalled £10.1 million
  • 91% of 1,917 claims were paid
  • The average age of a claimant on The Exeter’s Income Protection Plus policy was 36 years old
  • The average age of a claimant for its legacy income protection products was 50 years old

Why did members claim?

  • Covid-19 was the single most claimed for condition in 2020 (32%)
  • Musculoskeletal conditions (21%)
  • Accident and injuries (12%)

The main reason for claims not being paid was misrepresentation (65%), where questions are not answered correctly at the application stage. 34% of claims turned down were due to failure to meet the insurer’s disability definitions.

Financial Support

Chris Pollard, chief operating officer at The Exeter, said: The past year has been extremely challenging for the country’s health and wellbeing, finances and economy, so it’s not surprising that Covid-19 featured so prominently.”

The mutual also reported that its IP members booked 308 HealthWise consultations for help and support for a range of conditions during 2020. This included 152 virtual GP appointments and 57 mental health support sessions.

Source: Cover Magazine April 2021

For more new on the claims paid by The Exeter click Here

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