LONDON, June 13, 2013 /PRNewswire/ --
A new payout rate tool is now available from Drewberry Insurance showing the payout rates across eleven different providers for income protection, critical illness insurance and life insurance.
As this tool offers the public a quick way of checking the payout rate, Drewberry hope that it will help potential customers to make an informed decision when selecting an insurance product and provider.
The tool which is available on the Drewberry Insurance website allows the customer to select an insurance product and look at the rates from a range of providers including Aviva, British Friendly, Legal and General and Scottish Provident.
Campaign for the disclosure of payout rates
Following a long campaign by the Income Protection Task Force (IPTF) all of the major insurance providers have now disclosed their payout figures for income protection, with Friends Life publishing their rates last month. This is great news for the industry as one of the reasons why people do not take out insurance is because they do not think it will pay out.
The 2013 Health and Protection Insurance Survey by Drewberry Insurance investigated reasons why people might not take out insurance. The data showed that the public perceive payout rates for life insurance to be much lower than they actually are; they estimated that 50% of claims were paid out when the true figure was actually 98% across the top five insurers.
Looking at the latest figures for Income Protection the average payout rate across eleven providers was almost 90% in 2012 with some providers paying out as much as 97% of claims. For critical illness insurance the average payout rate across eight providers was 91% and for life insurance it was over 97% across five providers.
Tom Conner of Drewberry Insurance says, "I hope that giving customers easy access to the payout figures will reassure them that the majority of claims are paid out; this should in turn boost consumer confidence and therefore the take-up of vital protection insurance products.
"Despite this claims paid tool, there are many other factors that need to be taken into account when purchasing insurance, such as the needs of the client, health, lifestyle and budget, so it is always best to speak to a qualified advisor before taking out cover."
About Drewberry Insurance
Drewberry Insurance is a trading name of Drewberry Ltd, which operates as a whole of market insurance intermediary in the health and protection insurance markets. Drewberry Insurance offer insurance broking services for a range of individual and group policies, through the following specialised websites:
http://www.drewberrygroupinsurance.co.uk/ - Informational resource for implementing group health and protection schemes as part of an employee benefits offering.
http://www.drewberrymortgageinsurance.co.uk/ - Informational resource for arranging mortgage protection insurance, such as life insurance and payment protection.
http://www.drewberryhealthinsurance.co.uk/ - Informational resource for arranging both personal and family private medical insurance (PMI) plans.
Drewberry Ltd is an appointed representative of Chase Templeton Ltd which is authorised and regulated by the Financial Conduct Authority, register number 311612. Registered address: Vantage House, 1 Weir Road, London, SW19 8UX.
- critical illness insurance