One of the things we always hear is that there’s no point in taking out a Life Insurance policy because they don’t pay out. Here’s a message we received today showing payments by just one insurer – Zurich – in 2020. They paid out over £350m to more than 6,000 people which is an increase of 27% on 2019. The idea that insurers don’t pay out is not true. 
Zurich protection claims payments up 23% in 2020
Zurich has published its life insurance claims data for the last year, showing over £353.7m was paid to over 6,000 life, critical illness and income protection policy holders compared to £287.6m paid in 2019. Payments to customers with life insurance policies jumped by over a quarter (27%).
Over 6,000 life, critical illness and income protection customers have received payments worth over £353.7 million, up 23% on the previous year.
- Life insurance payments increased by more than a quarter to £279.6m million in past year
- 15% drop (nearly £12m) in critical illness payments, with customers unable to access treatment and diagnosis
- £20m of life insurance claims are directly linked to Coronavirus, with the youngest claimant aged just 34. Men accounted for two thirds of all claims.
- Mental health conditions accounted for over a quarter of income protection claims, totalling almost £1.7m, followed by 22% for cancers.