Vitality Life – How many claims were paid out in 2020?
Vitality paid out more than £90 million in life insurance, serious illness cover, and income protection cover claims during 2020. £91.6m was paid out in total during 2020.
Vitality’s 2020 claims and benefits statistics have revealed that the life insurer paid 99.6% of all Life claims. A total of £4m was paid in relation to Covid-19 claims, representing the fifth largest cause of life cover claims at 9%.
Serious illness (Critical illness) Claims
91.3% of Serious Illness Cover claims were paid. Vitality’s serious illness cover covers 38 conditions. It has been developed to reflect the modern nature of illnesses where advances in treatment and screening have resulted in increased survival rates for severe illnesses.
Top areas for Serious Illness Cover claims:
2. Stroke & Nervous System
3. Heart & Artery
Income Protection claims
96.8% of all Income Protection claims were paid in 2020.
The effect of Covid 19
£4m was paid in Covid-19 related claims across Life and Serious Illness products.
According to Vitality, the majority of the Covid-19 related claims came from its eldest members with only one in four such claims concerning those under the age of 60.
Last year, Vitality helpfully introduced an option to reduce premiums and cover for those struggling financially. In 2020, members who were struggling financially could reduce their premiums and cover by either 25%, 50%, or 75% for a period of three months without having to cancel their policy.
Justin Skinner, Managing Director, Vitality Life: “Throughout the pandemic we have seen the value of comprehensive cover for members who have had to claim. The ability for people to claim multiple times on their serious illness cover policy, has proved particularly valuable with one in 11 claims being made by people who had claimed previously.”
£1.9 million was paid in secondary Serious Illness Cover claims
“We feel that added peace of mind and being there for people throughout their lives is particularly important, especially since March last year as we all navigate new levels of uncertainty.”
He added that, in addition to paying out claims, the company has looked to support members with ways to keep active and healthy during the pandemic.
Source Cover Magazine August 2021
If you are interested in arranging protection insurance it really can pay to take expert advice.