Average IP claimant 'just 34' - The Exeter
During 2019
Claims data released to highlight importance of younger generations protecting their income
The average age of claimant on its Income Protection Plus product was 34 years old in 2019, The Exeter has reported.
Figures from the mutual show that the average length of claim was 60 weeks across the 1,367 members who received its support while unable to work due to illness and injury last year.
The mutual insurer paid out 91% of its income protection (IP) claims with an average claim amount of £3,920.
According to The Exeter, accidents and injuries accounted for nearly half of claims (46%), followed by musculoskeletal conditions (17%). Mental health conditions and common infections, such as coughs and colds, accounted for a further 18% of IP claims last year.
Following the launch of digital claims forms last year by the mutual, 50% of digital forms were fully completed and returned within 48 hours in 2019, it added.
'We never know what is round the corner'
Chris Pollard, chief operating officer at The Exeter, said: "Our experience shows an increasing number of younger people are claiming on their income protection policy. Many of us might be guilty of the ‘it will never happen to me' thought, however recent events and our evidence shows we never know what is around the corner. A shock to income due to an unexpected change in circumstances can have a devastating impact. Advisers remain vital in promoting and discussing with clients the importance of considering income protection from the very start of their working lives."
The mutual also reported that its IP members booked 160 HealthWise consultations for help and support for a range of conditions during 2019.
Chris Pollard added: "It has been really encouraging to witness our members make increased use of the added support available to them through HealthWise, our member benefits app, at a difficult time. At The Exeter we have a core focus on providing our members and their families with financial security, and convenient wellbeing support. We continue to improve, and make useful, our service and offerings for the benefit of our members."
Further reading
More on Income Protection
Income protection market predicted to shrink 25%
‘Short-term pain, followed by long-term gain’
Cirencester Friendly to pilot HCB claims tele-triage service
To help customers during COVID-19
LV= reveals 29% of IP claims for mental health
During 2019
Martin Shaw: A time for small acts of kindness
And major acts of mental health support
'Dramatic' spike in under-25 IP enquiries
During March 2020
