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Level and Decreasing Life Insurance for Mortgage and Family Protection

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Critical Illness Cover will pay out upon diagnosis of a critical illness

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Whole of life policies cover funeral arrangements, inheritance and tax bills

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Over 50's plans are suitable for people with pre-existing medical conditions

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The hidden truth about claim statistics

5th May, 2017

The hidden truth about claim statistics

Aegon’s customer and consumer panel has revealed that a surprising four out of every five people (83%) that purchased protection policies, were unaware that providers even publish claim statistics. The study also showed that 81% of people believed that the UK protection industry pays out less than 90% of life claims every year.

Myths regarding protection prevail in the industry, especially surrounding its reliability. In fact, the study showed that 52% of people were surprised to learn that providers in the UK paid 97% of all protection claims in 2015.

The message that protection policies are by and large very reliable is struggling to make itself heard, despite advisers and providers working hard to protect consumers. Contentious and failed claims are in fact very rare, with Aegon confirming that just 3% of all claims are not paid, normally for very clear reasons. 

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