How many Protection claims were paid by Legal & General in 2018?
Legal and General paid 97% of life claims, 93% of critical illness claims and 95% of income protection claims in 2018.
The FTSE 100 insurer recently announced how much it paid out on individual protection claims in 2018. Over £638m was paid across its life, critical illness cover, terminal illness cover and income protection insurance products in 2018, the equivalent of £1.7m every day.
- Legal & General paid 97% of all life claims in 2018, which equates to £332.7m across 10,046 claims
- The three main claim conditions were cancer (38%), cardiovascular disease (18%) and pneumonia (7%)
- The average customer payout was £34,279
- Legal & General paid out £107.3m terminal illness (TIC) claims in 2018
- 97% of all TIC claims were paid
- The majority of TIC claims were caused by a cancer diagnosis (93%)
- The average TIC payout was £107,901
Critical illness claims
- 93% of critical illness (CIC) claims, were paid out in 2018 – the equivalent of eight claims a day
- The insurer paid a total of £195.2m across 3,041 CIC claims
- The most common conditions were cancer (65%), heart attacks (13%) and strokes (6%)
- The average payout was £63,477
- The insurer also paid out for 96% of all child CIC claims, with an average payout of £17,838
- The biggest causes of claim for child CIC was cancer (59%), benign brain tumours (11%) and child funeral benefit (7%)
Income protection claims
- 95% of all income protection (IP) claims were paid in 2018
- This equates to a total amount of £1.15m
- Musculoskeletal disorders (36%) were the leading cause of claims, followed by mental health (20%) and cancer (15%)
Stephen Griffiths, Managing director, UK protection at Legal & General said:
“Whether it’s helping customers to keep their family financially secure after the death of a loved one, or assisting someone with a long-term illness to meet their mortgage repayments. These figures prove the vital impact this type of insurance can have on peoples’ lives. Managing a cancer diagnosis or overcoming the death of someone close is already hard enough. Without the added worry about financial security or keeping up with day-to-day costs.”
Source: Cover Magazine May 2019
Click here to read more about the insurance industry paying out more than £5.3bn in protection claims in 2018. This link goes off-site to the Association of British Insurers and Group Risk Development.
If you are interested in arranging protection insurance it really can pay to take expert advice.
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 to 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.
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