Legal & General recently reported that, in the year 2022, they paid out £883m in claims across their retail protection products. A marked 5% increase from the year prior, this covers life insurance, income protection and critical/terminal illness plans. A total of 17,768 claimants were kindly compensated for the products, and proof of the insurer’s commitment to providing protection when it matters most.
To further illustrate the firm’s dedication to safeguarding customers’ futures, Legal & General analysed some of the numerous claims from the period. Findings showed that two thirds of the claims paid were related to life insurance, with 15,433 claimants being financially supported by the provider. This was followed by income protection claims, with 1,463 customers benefiting from them, and 1,098 people receiving critical/terminal illness payments.
Legal & General had a particularly successful period when it came to their income protection products, compensating customers for 88% of the total number of claims submitted in 2022. Of these payments, under half (44%) were made due to involuntary redundancy, with cancer being the next most common cause of payment (28%).
These results demonstrate Legal & General’s focus on supporting their customers during times of difficulty and hardship. Analytics Manager, Sarah Armstrong, said “These results demonstrate the effectiveness of our retail protection products not only in terms of their number of customers but also in terms of the amount of money that we pay out as a result of their claims.”
The provider also said that, on the whole, it takes an average of nine days from when a claim is initiated to when the customer receives their money. This reflects the firm’s commitment to paying customers as soon as possible after a claim is made in order to ensure that customers receive the protection they are entitled to.
With aim of continuing to offer well-rounded protection plans and ensure customers get what they are entitled to when the time comes, Legal & General is making strides in the retail protection industry as a provider of reliable and dependable financial safety nets.