Royal London pays out on 99.6% of claims in 2020

Royal London paid over £136m in life and terminal illness claims last year. Over 1,500 term life insurance claims were paid, with an average pay-out of around £73,000 per claim. The average pay-out for a terminal illness claim was around £135,000 (224 paid). Nearly one-third of a billion pounds (£314m) was paid in whole of life claims. The average pay-out was £3,820, a yearly increase of 48%, with 99.98% of all claims paid out. Throughout the year, Royal London paid out over £13m to families who had experienced a death due to Covid-19. Critical Illness (CI) & Income Protection (...