Protection Bulletin: Claims Stats,& policy improvements
Zurich – Positive Group Income Protection news
Zurich has announced its claim statistics on Group Income Protection for 2017, highlighting the success of its rehabilitation services in getting people back to work.
The provider said that it paid out 91% of new Group Income Protection claims last year, with 99% of Group Life Claims also being paid. 28% were made due to mental illness, with 26% for cancer and 14% for musculoskeletal claims.
More providers are building on their services and pro-actively helping customers through their absences. Zurich was therefore pleased to announce that 40% of absentees, which returned to work before the end of the deferred period, did so through the support of Zurich’s rehabilitation services.
Zurich can deliver benefits such as expertise and advice that employers do not always have access to. This includes early intervention and longer term support, which is especially crucial in helping employees suffering from mental illness.
AIG Life simplifies definitions and increases pay-outs on critical illness
Over 40 improvements have been made to AIG Life’s critical illness offering. This includes an expansion of medical conditions, a simplification of definitions, and increased payment levels for customers.
AIG Life designs their policies around people’s needs, which is why their enhancements include cover for early stage cancer, severe mental health, and pregnancy complications. Additional partial payments have also increased, to 50% of the money payable up to £35k for both adults and children.
Customers that buy their critical illness cover will still receive vital access to Best Doctors advice and treatment, as well as child bereavement support from charity Winston’s Wish. These are just some of the benefits policies can deliver outside of payments.
Aviva ask the protection industry for more transparency
Aviva is asking the industry to do more to destroy protection myths. This follows the provider’s recent Claims Report that showed that 96% of all claims in the UK had been accepted across all their protection lines, totalling a full £3.6bn.
They want the insurance industry to ‘comprehensively publish information’ to consumers, in order to dispel the belief that insurers go out of their way to refuse payment, as well as educating people on why a claim might be refused.
Continuing myths about reliability are leaving more and more individuals, families, and business in a financially vulnerable situation. Not only that, but entrenched beliefs make it more difficult for advisers to persuade clients on the importance of protection.
If you would like to discuss your protection needs, or even if you just want to find out a little more about some of the important benefits and extras you or your business can now receive, call us today on 0800 024 8685 to arrange a chat.