Recent figures just published by the Association of British Insurers (ABI) serve to highlight the important role protection insurance plays in helping people cope with the monetary and financial difficulties which can arise as a result of a death, serious illness or injury.
Last year UK insurers paid out £6.7million a day to on average 170 individuals and families making claims on life, critical illness and income protection insurance policies.
The ABI's Director of Savings and Protection, Stephen Gay commented : "The insurance industry pays out £6.7m every day in individual life, critical illness and income protection insurance claims, making a real difference to people's lives at the most difficult of times.
"Insurance companies want to pay all valid claims. It is important that all insurance policies are clear so that customers are able to understand the circumstances in which they can make a claim. The ABI is always looking at ways to reduce the number of claims that are declined, for example because the customer has not provided all relevant information to their insurer, or has not understood that the claim they want to make is not covered by insurance."
