In 2014 it paid £122 million in critical illness claims – £1 million more than for life claims.
Overall in 2014, Friends Life paid out over £265 million in individual protection claims to more than 7,000 customers and their families – the equivalent of £1 million every working day.
Chris Pollard, head of underwriting, claims & customer services for individual protection at Friends Life, said: “There are several reasons why pay-outs for critical illness have outstripped life insurance but I think one thing it shows is the long history of focus that Friends Life has consistently delivered in the CI market.”
Friends Life claim statistics for 2014:
- 94% of adult critical illness claims paid (up from 91% in 2013) worth £122 million, plus £1.7 million paid to 88 families in child claims
- 99% of life claims and terminal illness claims paid worth £121 million
- 86% of income protection claims paid (up from 85% in 2013) worth £20 million
- £550,000 paid for fracture claims
Pollard added: “The percentage of claims we’ve been able to pay out has increased for both critical illness and income protection.
“I see this as a very positive endorsement of our new business and underwriting processes as well as sign of how advisers are really making a difference in helping customers appreciate the need to carefully and fully complete application forms.”
Cancer remains the largest cause of a claim but there was an increase in the number of heart attack, stroke and multiple sclerosis claims paid, the figures also showed.