Royal London met 99% of claims last year

0

Royal London paid out 99% of all claims in 2018, with more than £506 million going to UK protection customers.

The UK mutual life, pensions and investment company issued nearly £174 million to cover life and terminal illness claims last year.

Some 95.2% of term life insurance claims were paid, with an average of nearly £103,000 each. Terminal illness claims had an average payout of more than £156,000, with 89.4% paid.

Whole of life claims reached 99.9% paid, with an average payout of more than £3,800.

Critical illness claims surpassed the 90% mark. Cancer was the most common reason for claiming, followed by heart attack, stroke and multiple sclerosis. The average payout was nearly £99,000.

Royal London paid £930,544 for income protection claims last year, with 72.2% of claims being paid and the average payout being more than £5,900.

The most common reasons for income protection claims were musculoskeletal, cancer and mental health.

Craig Paterson, underwriting and claims philosophy manager at Royal London, said: “While 99% of our claims were paid last year, we remain focused on continually improving our claims experience.”

“We have sped up the claims process and reduced the need for paper forms, which has meant that for many claims we are able to take digital consent from customers to get the medical evidence we need.”

Paterson continued: “Cancer continues to be the most common reason for a claim for both adults and, sadly, children too. With cancer being the single biggest critical illness risk we all face, it’s important to have comprehensive critical illness which is why we enhanced our product and introduced four additional cover conditions for early forms of cancer.”

He added: “As well as receiving a financial payout, we recognise that customers are going through a difficult time in their life, which is why our Helping Hand service is an added benefit that supported more than 1,200 customers and their families last year.”

Share.

About Author

Avatar

Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk