Legal & General Payouts in 2012
Article published on 14th May 2013
Legal & General Critical Illness Claim Payouts
In 2012 Legal & General paid an astounding £209 million in Critical Illness claims. This has helped 3,080 individuals and families with their financial security following the diagnosis of a Critical Illness. Since 2003 Legal & General have paid over £1.2 billion in Critical Illness claims.
This record-breaking year has seen a rate of 93.1% successful Critical Illness claims. The average lump sum payment made was £67, 535 and the highest was a substantial £800,000.
The primary conditions that were awarded Critical Illness payouts were Cancer, Terminal Illness, Heart Attack, Multiple Scelerosis (MS) and Strokes. Whilst you may think that you are too young and healthy to worry about these conditions, the average age of the Legal & General claimants was 48 years old.
6.9% of claims for Critical Illness were rejected due to non-disclosure of existing medical conditions and the client’s diagnosis not meeting the definitions set within the policy documentation. Non-disclosure of existing medical conditions invalidates most insurance policies, whether they are for Life, Critical Illness or Income Protection.
This is why it is so important for you to speak with a trained financial advisor, who can help you to make sure that you inform the Insurer of all relevant information in your medical history. Similarly, it is up to you as the client to thoroughly read the policy documentations and key features booklets you receive, to ensure that you are fully aware of the conditions (and severity of conditions) that are covered by the policy you have.
Legal & Generals Income Protection Benefit (IPB) Claim Payouts
Legal & Generals Income Protection Benefit (IPB) has also seen a successful 91% claim rate in 2012. With the average age of claimants being 42 years, claiming due to musculoskeletal, mental or neurological illnesses. 49% of claims made were awarded more than £500 per month to help families with regular monthly bills. Income Protection Benefit is highly beneficial if your family is dependent upon one breadwinner, whose loss of income would strongly affect the families lifestyle.
The 9% of claims that were rejected were due again to non-disclosures, client diagnoses not meeting the set guidelines and financial reasons. Again, this shows the importance of speaking with a trained advisor who is able to guide you through the medical and financial application processes. With Income Protection Benefit it is extremely important that you do not over insure yourself, as you are only allowed to insure a maximum of 50-60% of your gross income.
Legal & Generals Life Insurance Claim Payouts
In addition to all this, Legal & General paid £274 million in Life Insurance claims within 2012. Our industry trained advisors are well versed in Legal & Generals Life, Critical Illness and Income Protection contracts. Why not use our online quotation system to find out how much these policies may cost you per month, leave your details and one of our advisors will contact you to make sure your application is thorough and exactly what you need.
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