The company in question is UK-based Old Mutual Wealth, which has released figures showing that it paid out on 100 per cent of its life insurance claims during 2015, while also making payouts on 95.4 per cent of its critical illness claims. It was also the sixth successive year in which the company paid out on 100 per cent of its claims.
The company’s head of protection, Paul Roberts, is hopeful that these statistics can help change perceptions about the industry in general.
“The twin negative perceptions that the protection industry and advisors are working to overcome are ‘it’ll never happen to me’ and ‘insurers don’t pay out’,” he said. “We’re very proud of our claims statistics, because as an insurer it is our intention to pay out as many claims as possible.
“Very often you hear people refer to the number of conditions contained in a policy but it’s clear that with over 92 per cent of claims coming from five conditions, it’s the quality of the cover you have in place that counts.”
According to the company’s statistics, the average age of male claimants was 52; with the average age of female claimants at 48. Meanwhile, 92 per cent of critical illness claims related to heart surgery, heart attacks, cancer and multiple sclerosis.
Life insurance payments are often disputed: but one firm boasts a proud record of paying out on every claim.