Life and health insurance.


Insuring customers’ lives and against critical illnesses

Our Individual Protection business provides people with life insurance for their health, critical illnesses and death. In 2012 we kept over 9,000 promises to our customers and their families to be there financially when they needed us. That’s 24 promises every day of the year. The data below shows how we have kept our promises over the past four years.

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2009

2010

2011

2012

Percentage of Critical Illness claims paid out to our customers

93.60%

91.80%

93%

93.1%

The amount of money we paid out to our critically ill customers

£152m

£147m

£177m

£209m

Do we always pay out to our customers?

Only 2.3% not paid due to misrepresentation (4.6% of claims had no cover for the condition suffered).
During 2012, 61 claims were paid even though the medical information we have doesn’t prove that the illness meets the policy definition. These are cases where we apply the spirit of the contract rather than the precise terms and conditions. We've had the full backing of our reinsurers on all of these claims.

The amount we paid out to beneficiaries when someone has unfortunately passed away with life insurance cover

£217m

£226m

£264m

£274m

The percentage of claims paid when someone passes away

98.20%

97.80%

97.8%

97.7%

Do we always pay out to our customers?

Only 2.1% not paid due to misrepresentation (another 0.2% weren't paid due to the first year suicide exclusion).
We’ve taken pride this year in paying out claims as soon as we become aware of them. There have been two high profile incidents where we have searched our database and found that the victims were customers. We have then contacted the family and processed the claim in our usual swift manner. We do not restrict this process to high profile cases, as soon as we’re aware that someone could claim we will contact them. We also paid on a policy despite evidence that the death occurred 8 minutes after the cover ended.

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