Over one in 10 (11%) of British Friendly’s claimants are under 30, showing the importance of income protection cover to millennials as well as older generations, its first annual claims report has showed.
However, the average age of all its members who were claiming is 46. Looking at specific reasons for claims the average age of who claimed for cancer (52), a heart attack (52) or a stroke (55) is in their early-mid 50’s.
Andy Parker, underwriting and claims director at British Friendly, said: “The report data and case studies show that the key aspect of all Income Protection claims is that each one is different.
“It’s by listening to each member’s particular circumstances that we’re able to establish the best way to help them.
“This is where British Friendly’s unique discretionary mutual benefits programme is proving to be crucial in helping members to manage their health, wealth and lifestyle.
“We’re able to offer not only the reassurance of financial support should a life-altering event occur, but a package of products and services, at no extra cost.
“So, when it comes to that moment of truth of paying a claim, members have the confidence and certainty that they and their families are protected.”
British Family also revealed that the average length of a claim is 110 days whilst nearly half (48%) of claims are made within a year of taking out the cover. Some 90% of claims are paid within two weeks of the deferment period ending.