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£2.3 million paid every day to life, critical illness and income protection customers and their families in 2015 – that’s £1,600every minute.
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98.9% of life insurance, 92.5% critical illness and 92.4% of income protection claims were paid in 2015.
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Average age of critical illness claimant is 47 years old (45 for women; 49 for men).
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More than 23,000 customers and their families benefitted from protection payments.
Together Aviva and Friends Life, which was acquired by Aviva in April 2015, paid more than £500 million to the families of life insurance customers who had died or been diagnosed with a terminal illness last year. £303 million was paid out to customers with critical illness, and more than £35 million to customers with income protection (IP) cover.
The statistics reveal that more than 23,000 customers and their families benefitted from life, CI and IP claims during 2015. This includes more than 15,000 life and terminal illness, more than 4,000 critical illness and just under 4,000 income protection claims.
During the year, 98.9% of life insurance claims and 92.5% of critical illness claims were paid (93.5% of Aviva critical illness policies, slightly up from 93.2% in 2014; and 91% of Friends Life policies, compared to 93.3% in 2014.)[1]
Of the small number of critical illness claims overall which were not paid, 1.6% were declined due to non-disclosure and 5.9% for conditions not met.
Key statistics for 2015 include:
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The average sum paid to critical illness customers was £74,275.
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The average age of Aviva critical illness customers claiming was 45 years for women (46 in 2014) and 49 years for men (the same as in 2014).
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Cancer remains the most common cause of critical illness claims at 63% of all claims, followed by heart attack (10%), stroke (6%), multiple sclerosis (4%) and total permanent disability or ‘TPD’ (4%).
Robert Morrison, Chief Underwriter for Protection at Aviva says: “Being there for our customers and their families when it matters most has been the underlying philosophy for both Aviva and Friends Life protection for many years. It has shaped the enhancements we have made to improve our products, to simplify our claims processes, and to our commitment to paying as many claims as we possibly can.
"No one ever wants to claim against this type of policy, but knowing that as a combined group we are committed to paying claims wherever possible will provide customers and their families with the reassurance and comfort they need if they face such difficult times.”
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