Following its protection claims stats, Aegon UK has produced a set of guides focusing on declined stats
Aegon UK has issued a series of ‘Spotlight on' guides detailing the information about protection claims paid in 2019, but using real examples of declined protection claims to demonstrate some of the common reasons behind claims Aegon has not paid.
Simon Jacobs, head of underwriting and claims strategy at Aegon UK said: "We're proud to have paid 97% of life claims over the past three years, however, it's really disappointing to have seen an increase in the number of life protection claims we were unable to pay last year due to misrepresentation - particularly around alcohol usage and heart problems.
"The very small number of claims we are unable to pay are due to significant misrepresentation on application forms."
Jacobs pointed to alcohol misrepresentation as one of the most common reasons for many of Aegon's declined claims. One of the cases Aegon has shared in its life protection claims guide illustrates how a customer didn't notify the insurer of their 15-year history of heavy drinking and referrals for detox in their application. This particular customer died within three months of taking out the policy due to liver changes caused by drinking.
"Our application process clearly asks if you have ever been advised to reduce or stop your alcohol consumption by a doctor, nurse or other medical professional, this includes referral for specialist support such as an alcohol dependence unit or Alcoholics Anonymous. This customer said no," said Jacobs.
"We don't ever want to decline a claim. This should never have been a claim, as had we been aware of the true position, we would have been unable to offer cover to this particular customer."
"An adviser can often help guide people through the application process, to help get the best terms possible, based on the most accurate information."
View the range of guides for more information:
- Spotlight on life claims
- Spotlight on critical illness claims
- Spotlight on income protection claims
- Spotlight on terminal illness claims
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