Life claims payouts on the up

Monday, September 6, 2010

According to new research, the number of Life Insurance claims which result in a positive payout for claimants is on the increase this year. Insurers are more willing than ever before to offer people claiming on their policies the full benefits which they have signed up to, despite the economic recession which has made it difficult for a number of organisations to generate a profit in a declining market.

While the insurance industry appears to be enjoying an upturn now that the UK economy has stabilised somewhat, it seems that people are more likely than ever before to receive the full benefits for their policy following a claim. Insurer Bright Grey have announced that they recently paid our ninety-eight percent of all Life Claims made to them by policyholders, in the first six months of this year. Bright Grey is linked to protection insurer Scottish Provident, as part of the Royal London group of insurers.

The figure for the organisation shows a two percent increase on the figures collated for the previous year. According to the insurers, the average payout made to customers was just less than eighty thousand pounds. The head of sales at Bright Grey commented: "We're aware that there's more to recommending a provider than the payout. Another big consideration is the level of service claimants receive. Advisers need to be confident that the provider they recommend will treat claimants with care and compassion at a very difficult time.”

"The evidence we have witnessed in terms of the take up of bereavement counselling within our Helping Hand service indicates that claimants see this as adding real value.”

News from organisations such as Bright Grey will serve to give customers of Life Insurance products confidence that they will be protected under the terms of their policy. With payouts at such a high rate, it is thought that more and more people within the UK will realise the benefits of taking out comprehensive Life Insurance to protect themselves and their family for the future.