Life - Articles - Aegon sees 25% rise in their paid out life claims

 Aegon UK has today published claims data which shows an increase in the value of life protection and critical illness (CI) claims paid in 2013.

 Of the critical illness claims declined in 2013, more than half (56%) were due to the definition not being met and the remainder (44%) were due to misrepresentation.

 Five critical illnesses – cancer, heart attack, stroke, multiple sclerosis and benign brain tumour – accounted for almost 90% of critical illness claims. However, cancer accounted for 62% of critical illness claims in 2013, followed by heart attacks (12%) and strokes (8%). The average age at claim for CI was 48 years old.

 Life claims
 The amount of money paid out for life claims increased by 25% from £43.8m in 2012 to £54.9m in 2013, while the 94% of life claims paid in 2013, remained broadly in line with 2012 figures which were 94.1%.

 Of the life claims that were declined in 2013, 93% were declined due to misrepresentation and 7% were due to the definition not being met.

 Cancer continued to be the most common cause of death in a life claim (43%), followed by cardiovascular (24%) conditions.
 Dougy Grant, protection director at Aegon UK, said:

 “The research we carried out last year highlighted one of the key barriers to people buying protection was their lack of trust in providers to pay claims. Our claims figures continue to be strong and consistent. We continue to work closely with advisers and their clients to minimise the occurrences of misrepresentation and continue to streamline the process of paying claims through our tele-claims service which was launched in 2009.

 “We continually look at how we can improve our customers’ experience in the event that they have to make a claim. For Aegon, the customer experience at point of claim is equally important to the number of claims paid.”

 The figures were compiled using the ABI guidance for calculating claims statistics.