New figures released by the Association of British Insurers (ABI) and Group Risk Development (GRiD) show that the insurance industry paid out more than £5.3 billion in protection claims in 2018 – a £200 million increase year-on-year.

The numbers also revealed that the number of claims paid surpassed 200,000 for the first time ever and nearly every claim made was paid (97.6%). The average life insurance pay-outs reached £81,000, the highest average on record and more than 35,000 families/beneficiaries were supported following an unexpected bereavement, to the tune of £.29 billion. Pay-outs now equal £14.5 million paid every single day.

The ABI recently launched a calculator to help consumers better understand their financial exposure to income shocks caused by being left unable to work after falling ill or injured.

Percy The Protection Calculator can be found on the ABI’s website at: www.abi.org.uk/percy


Leave a Reply

Your email address will not be published. Required fields are marked *

Email us on:

info@knmortgages.co.uk

Contact us today on:

Enquire Now:

Click Here

Don’t forget to like us on:

Facebook Rating
5.0
Based on 21 reviews
Google Rating
5.0
Based on 27 reviews
Facebook Rating
5.0
Based on 21 reviews
Google Rating
5.0
Based on 27 reviews

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

KN Mortgage Management, KN Mortgages and knmortgages are trading styles of Keval Nagaria, who is an Appointed Representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. A fee maybe payable. The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.