Do Protection Policies Pay Out?

What about when I need to claim on my policies?

There is a myth that life, critical illness and income protection polices don’t pay out.  It is indeed a myth. People vastly underestimate how many claims get paid out.At McLean Financial Services we are not just here to set up the polices you need, we are also here when you need to make a claim.  That’s why we pride ourselves on ensuring you have the right cover in place for your circumstances, so the cover pays out when you need it.

2019 Figures

‍In 2019, Scottish Widows paid out 99% of life assurance policy claims.  The top 3 reasons for death claims were cancer, heart condition or respiratory condition. The biggest reason for not paying is non-disclosure on claims (where someone has knowingly withheld medical information) which is why it’s really important to work with us as we do all the research and ensure you tell us about your medical circumstances to get you the right cover.

LV paid out over £23 million pounds in critical illness claims in 2019.  57% of those claims related to cancer.  With one in two getting cancer and the number of claims paid out as a result of cancer it shows you just how important critical illness cover is.If you have children, then we would also look to find you a policy with children’s cover.

While nobody wants to think about their child being diagnosed with a serious condition, having this cover in place can help to alleviate financial pressures should you find yourself in these circumstances. Children’s cover is included as a standard feature on many critical illness policies and it’s something we always want our families to have.  It’s the fifth biggest reason for claims pay outs.  Claiming for your child doesn’t affect you claiming for yourself, if you have to.

In 2019, Legal and General paid out over £2.1 million pounds in children’s cover claims.Statistics show that income protection policies have an average claim period of 6 years, the top reason for claims on these policies is mental health which makes up 29% of claims with one of our providers LV.  Musculoskeletal and cancer form are the second and third biggest reason on these policies.

Get in touch

‍The message is therefore clear, make sure you speak to us so we can build a bespoke protection portfolio for you, with cover which reflects your medical circumstances so you know exactly what you are covered for.

We specialise in this and ensure we get the right information at the outset so that you get the right cover which pays out when you need it most.