Protection Insurance payouts

Whilst obtaining a mortgage loan may be your primary reason for talking to us, it’s equally important to consider the various types of Protection Insurance that are on offer.

Some are designed to ensure your income stream can be maintained in the event of an illness or injury, and others may deliver a payout for your family, should the unthinkable occur.

Of course, with numerous calls for the money in your pocket, we fully understand that some of you may view protection cover as something:
– that’s simply ‘not for me’.
– that’s ‘too expensive’.
– where ‘I don’t believe the insurer will pay out in the event of a claim’.

We’d be keen to discuss the first two points, as you may be pleasantly surprised at the costs, and how protection cover could bring ‘peace of mind’.

With regard to the last point, as shown below, almost 98% of claims are actually paid out.

97.4% of all claims were paid out in 2023, equating to a record £20.1m per day!

Life Cover

– 99.4% of all Life claims were paid out.
– Average payout of £80,403 (term), £5,760 (whole of life).

Critical Illness

– 90.5% of all claims were paid out.
– Average payout of £68,354.

Income Protection

– 81.3% of all claims were paid out.
– Average payout of £22,270.

(Source: Association of British Insurers, 2023 data, September 2024 release)

Whatever your situation, we’d fully assess the suitability of the options on offer. And you can take comfort from the fact that we operate in this sector day-in day-out, plus have the qualifications and expertise to deliver advice that meets your needs.

As with all insurance policies, terms, conditions and exclusions will apply.