FOR HELP OR ADVICE : 0800 024 8685
My Insurance Hub
  • LIFE INSURANCE
    • LIFE INSURANCE
      • GET A QUOTE
    • CRITICAL ILLNESS
      • GET QUOTE
    • MORTGAGE PROTECTION
      • GET QUOTE
    • OVER 50’s
      • GET QUOTE
    • WHOLE OF LIFE
      • GET QUOTE
    • RELEVANT LIFE
      • GET QUOTE
  • INCOME PROTECTION
    • PERSONAL INCOME PROTECTION
      • GET QUOTE
    • EXECUTIVE INCOME PROTECTION
      • GET QUOTE
  • HEALTH INSURANCE
    • PRIVATE MEDICAL INSURANCE
      • GET QUOTE
      • MORE INFO
    • BUDGET HEALTH INSURANCE
  • BUSINESS PROTECTION
    • MORE INFO
    • RELEVANT LIFE
      • GET QUOTE
    • EXECUTIVE INCOME PROTECTION
      • GET QUOTE
    • KEY PERSON
      • MORE INFO
      • LIFE & CRITICAL ILLNESS
        • GET QUOTE
      • INCOME PROTECTION
        • GET QUOTE
    • SELF-EMPLOYED INSURANCE
    • GROUP INSURANCE
      • GROUP LIFE
      • GROUP HEALTH INSURANCE
      • GROUP INCOME PROTECTION
  • SPECIALIST INSURANCE
    • LIFE INSURANCE FOR DADS
    • HOW TO FIND A WILL
    • DIABETICS
    • MOTORSPORT INSURANCE
    • MILITARY
    • HIGH RISK OCCUPATIONS
  • NEWS
 February 27, 2021

Month: January 2019

British Friendly Income Protection
  • 0
My Insurance Hub
Monday, 28 January 2019 / Published in Claims, Health, Income Protection, Mental health, News

How reliable is Income Protection?

British Friendly Income Protection

Income protection provider British Friendly has announced that they paid 94.7% of all claims in 2018, reassuring reading for those still unsure about the reliability of income protection.

Orthopaedic (MSK), viral illness, and mental health were the top three reasons for claims. Musculoskeletal reasons accounted for nearly half of all claims (44%), with 11% being for psychiatric reasons such as mental illness.

In 2017 Mutual companies alone paid out over £22 million in claims with 93.7% of claims being approved. These mutuals include Cirensester Friendly, Britsh Friendly, The Exeter, Holloway Friendly, & Shepherds Friendly.

What about the declined claims? As with all providers, there will always be some claims that are unsuccessful due to non-disclosure and definitions not being met, but with claim success being well above 90% again, this will go some way to dispel the myth that insurance is unreliable.

As with many providers, British Friendly has been adding several added value benefits to their policies over the last year. The income protection provider launched immediate support payment, recovery support benefit, terminal illness benefit, as well as many other mutual benefits.

On the highstreet one of the biggest providers of income protection is Aviva. They alone paid out over £38 million in income protection claims in 2018.

Aviva Insurance

Musculoskeletal  issues remain the main cause for claims, whilst interestingly mental illness claims now account for double the number compared to cancer. When considering that mental health issues are on the rise and that these are difficult to claim for on a critical illness plan, the value of income protection to protect a salary becomes clear.

Aviva’s claims statistics for 2018 found a similar trend with mental health accounting for 28%, musculoskeletal conditions 15% and cancer 9% of all claims.

If you would like to find out more information on some of the great benefits and added value you can receive as part of your policy, give us a call today on 0800 024 8685 to arrange a chat.

  • 1
  • 2
  • 3
  • 4

Recent Posts

  • Coronavirus: what does it mean for insurance?

    With over 7.5 million cases now confirmed world...
  • Something positive from the Coronavirus chaos

    We have decided that rather than focusing on th...
  • Are you prepared to live longer?

    The latest projections reveal that by 2066, the...
  • Critical illness origins and latest upgrades

    Find out about the history of Critical illness ...
  • Were you offered mortgage protection?

    Protecting your mortgage repayments with suitab...

Archives

  • June 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • August 2015

Categories

  • Business insurance
  • Charity
  • Childrens Protection
  • Claims
  • Coronavirus
  • Critical illness
  • Health
  • IHT
  • Income Protection
  • Insurance Provider
  • Keyman
  • Life insurance
  • Mental health
  • Mortgage Insurance
  • News
  • Over 50s
  • Posts
  • Private Medical Insurance
  • Provider
  • Relevant Life

Featured Posts

  • Coronavirus: what does it mean for insurance?

    0 comments
  • Something positive from the Coronavirus chaos

    0 comments
  • Are you prepared to live longer?

    0 comments
  • Critical illness origins and latest upgrades

    0 comments
  • Were you offered mortgage protection?

    0 comments

PRODUCTS:

  • Life Insurance
  • Critical Illness
  • Whole of Life
  • Health Insurance
  • Income Protection
  • Over 50’s
  • Executive Income Protection
  • Group Insurance
  • Military Insurance
  • Relevant Life

NEWSLETTER SIGNUP

By subscribing to our mailing list you will always be update with the latest news from us.

We never spam!

GET IN TOUCH

T (0800) 024 8685 or (01202) 714 171
Email: admin@myinsurancehub.co.uk

My Insurance Hub
15 Runton Road, Branksome, Poole, BH12 1NX

  • PRIVACY POLICY
  • TERMS & CONDITIONS
  • DISCLAIMER
  • GET SOCIAL

Trustpilot


© 2019 All rights reserved. This website and its content is copyright of Brantwood Holdings Ltd trading as MyInsuranceHub.

TOP