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Monday 24 April 2017

VitalityLife announces protection claims statistics for 2016

VitalityLife today announced it paid a record amount in claims during 2016, with more than £33m paid in claims on its Life, Serious Illness and Income Protection products. 

VitalityLife paid 99% of Life claims, 93% of Serious Illness claims and 94% of Income Protection claims in 2016. In total, 807 claims were paid across all products.

Deepak Jobanputra, Deputy CEO at VitalityLife, said: “Our aim is to give our members peace of mind about their financial future while helping them to lead healthier lives. These claims statistics demonstrate the real value protection products can provide and show that members and their families will be supported when they need it most.”

Other statistics from claims paid in 2016:
Average age of claimants for 2016 were 42 years old for Serious Illness Cover, 45 years old for Income Protection, and 56 years old for Life Cover
The most common reasons for claiming on Income Protection in 2016 were mental illness at 26%, musculoskeletal at 22% and cancer at 10% 
The most common reason for claiming on Serious Illness Cover in 2016 was cancer at 59%, followed by other conditions such as heart attack and stroke
The youngest person to receive a claim last year was aged just 2 years old, following Leukaemia on their Serious Illness Cover policy via our children’s cover
The youngest adult claim last year was a tragically young 19 year old, where a death claim was paid due to Severe Traumatic Head injuries following a road traffic accident

Head of Customer Care at LifeSearch, Emma Thomson, said: “These are very positive claims results from VitalityLife. Protection policies provide much needed financial support to clients and their families when tragedy strikes, and these latest figures once again dispel the myth that these plans don’t pay out, because nearly all always do. They also show that young people as well as older consumers benefit from this valuable cover. Publishing data like this helps to further increase consumer confidence and interest in Protection and is therefore very welcome.”

ENDS