Percentage of life insurance claims caused by respiratory conditions twice the number in 2019
Aegon has today revealed that 95% of individual critical illness (CI) claims were paid in the first half of 2020, a slight increase in the level of CI claims that were paid for the whole of 2019 (94%).
The percentage of life claims paid remained the same as that reported for the total claims in 2019 at 96%.
Aegon also reports the top three causes for a life insurance claim are cancer (37%), cardio (19%) and respiratory (16%) conditions. While these are the same three main causes for claims as in 2019, the percentage of claims due to respiratory conditions (which includes claims for coronavirus) is double that of 2019 (7%). Whereas in 2019 cancer accounted for 43% and cardio conditions accounted for 23%.
Simon Jacobs, head of underwriting and claims at Aegon UK, said: "We're extremely proud to have maintained the high level of claims payouts reported in 2019 in the first half of 2020, especially against such a challenging backdrop of a global pandemic.
"It's clear to see the impact that the pandemic has had with the percentage of claims due to respiratory conditions including coronavirus having doubled since 2019.
"For many, the pandemic has intensified the emotional and financial upheaval a death or serious illness can bring, and our experienced team of claims assessors have been on hand to support them through every step. They have supported 63 families through the loss of a loved one due to coronavirus alone.
"The growing interest in financial protection that the industry has seen recently means that we must be even more focused on putting customers and their needs at the heart of what we do, providing the best experience when they need it the most, when they make a claim."
Jacobs also encourages Aegon customers to make full use of the additional support and advice that's available with their Aegon protection policy,
"It's times like this that people should take full advantage of additional services from providers," he said. "People can feel overwhelmed when it comes to issues of probate or tax following a death in the family and that alongside dealing with the effects of grief can really take its toll on loved ones.
"The health and wellbeing service we offer through Policy Plus to all our protection customers provides confidential, compassionate counselling and on-demand web and mobile support tools for a range of issues including bereavement, medical diagnosis, emotional health, relationships, family concerns, finances, debt, legal issues, and consumer rights. It's worth a phone call for peace of mind or reassurance throughout the life of the policy, whether you are making a claim or not."
Data for more than 6,000 employees
‘Likely to appeal to clients with pre-existing conditions’
‘It would feel wrong to not be there when a customer needs help’
‘Understand yourself, take the time to discover why you do what you do’
Life sales increased to £3.5m