A survey from British Friendly has show that only 2% of self-employed people surveyed believed Income Protection policies paid out 90% of the time and 45% believed that the main reasons claims were declined was insurers deliberately trying not to pay. This is despite the industry average for accepted Income Protection claims exceeding 90%.
Legal and General announced today that in 2014 they paid out £520 million in individual protection claims. Not only is that £14.5 million more than in 2013, but an average of £1.4 million paid out to customers every single day.
Swiss Re have announced a 4.1% increase in the overall number of protection policies in 2014. Their report, looking at figures across the industry, found that 1,667,818 new term life assurance, whole of life insurance, critical illness and income protection policies were sold.
The FCA today finally announced plans to ban opt-out add-on sales on insurance products.
Opt-out add on sales is the process of automatically including an additional product for which they need to un-tick a box in order to opt-out and not buy the product.
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