Money People Online Money People Online

Search MoneyPeopleOnline:

The Exeter Income Protection Claims Statistics (2022)

Last year, the Exeter was extremely proud to announce that it paid out nearly £10 million in income protection insurance claims

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 5 May 2023

3 min read

The Exeter Income Protection Claims Statistics (2022)

Income protection insurance can be extremely useful to provide financial protection for your family if you can’t work because of sickness or injury.

The Exeter is one of the top income protection insurance providers in the UK, even though most of us won’t have come across them before. This isn’t exactly a household name but that’s because they don’t spend insane money on TV or Radio advertising campaigns.

Last year, the Exeter was extremely proud to announce that it paid out nearly £10 million in income protection insurance claims.

It’s important that we have sight of these claims statistics to show what insurance providers are paying out to policyholders. This helps us to see the actual value of income protection insurance in a real world situation.

Who is the Exeter?

The Exeter is a Friendly Society insurance provider based in Devon, with a history dating back as far as 1927. Originally, it traded as Exeter Family Friendly Society and rebranded to Exeter Family Friendly in 2008, and then more recently to The Exeter in 2015.

Why are claims statistics important?

We feel quite strongly about this, insurers do and should publish their claims statistics to make sure that they are transparent in what they do.

It’s a major red flag to consumers and the regulator, if an insurer is guarded about how much it pays out to policyholders. A claims statistic should show us:

  • Percentage of successful claims
  • Amount paid out
  • Top claims paid
  • Declined claims stats

About The Exeter income protection insurance claims 2022

Here are some of the headline figures from the recent income protection insurance claims statistics that were published by The Exeter.

  • Total amount paid out [2022]: £9.9 million (income protection insurance)
  • % of successful claims: 92%
  • Number of successful claims: 1,366
  • Average claim pay out: £7,248
  • Declined claims: 107 (top reason: medical misrepresentation)

Top 3 reasons for claims paid out

  1. Musculoskeletal: 40% of claims paid
  2. Covid-19: 16% of claims paid out
  3. Knee conditions: 7% of claims paid out

Why is income protection insurance important?

Most employers no longer provide even basic sickness benefits for its employees in modern times. If you were to become ill or injured in an accident, and this means that you were unable to work then paying your bills can be impossible.

Income protection insurance pays out usually from 4 weeks to 2 years to replace lost earnings during the period of sickness or disability. The past several years has shown us that things can happen and we’re all exposed to serious risks of illness and injury. Thinking about how you would survive financially in these periods is important for your family and especially those with young children.

The need for income protection insurance is growing as the cost of living continues to rise and our lifestyles are more difficult to support.

Many people no longer have enough savings to last for weeks, not to mention months or even years. Having some financial security if something was to happen can give you and your family peace of mind that you’re protected against financial difficulty.

More on this topic:

You should speak to an income protection insurance specialist to get the very best cover and to pay a fair price.

This type of cover can be confusing because there are so many options and different types of income protection insurance policies. Another complication is that each insurance provider offers different conditions and has different underwriting criteria, which can also complicate things.

An income protection insurance specialist will give you free advice and search for the best policies to suit your requirements.

For free income protection insurance advice you can contact 0800 009 6559 or CLICK HERE to complete a form.

Resources

The Exeter – Make a claim

Safe Workers – Average sick days in the UK 2022

Statista – Sickness absence rate in the UK 1995-2021

Sign up for our newsletter

Sign up today for all the best deals and helpful guides. Take control of your finances the MoneyPeople way!