Cirencester Friendly saw 14% of 2021 claims for Covid-19

Published on

Cirencester Friendly has paid more than £8 million in benefit in 2021, paying 93.6% of all submitted income protection claims.

During the year a total of 1,324 claim applications were made, of which 98.6% were eligible for consideration. This left 1,305 claims to be considered and of these, 93.6% were paid.

Reasons for declining claims included the inability to provide proof of earnings or medical evidence, no loss of earnings or for previously undisclosed pre-existing conditions.

In 2021 the top reason for claiming and accounting for 37% of all claims were for accident or injury, an increase of almost 24% from 2020, highlighting the value of insuring against the risk of unforeseen incidences.

13.6% of all claims were for Covid-19, resulting in the infectious category being the third highest reason for claiming, behind muscular skeletal and arthritic related claims.

Other claim categories listed included mental health, cancer, heart and circulatory complications.

More than £8m in benefit was paid out to members. This total benefit paid included income protection claims paid in 2021, as well as further payments relating to the Society’s My Extra Benefits contract which provides cover for fractures and hospitalisation, plus death benefits. The Society’s free Added-Value benefit, Children’s Critical Illness Support is also included in the total.

David Macgregor (pictured), commercial director at Cirencester Friendly, said: “We have been publishing detailed and transparent claim statistics for more than 13 years and are justifiably proud of our strong record in this area.

“We hope that by providing informative data, combined with explanations as to why we unfortunately cannot pay claims in certain circumstances, it will assist advisers in providing confidence to their clients that Cirencester Friendly is committed to providing the best possible outcomes for their members and supporting advisers.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Keystone reduces expat buy-to-let rates and adds new product

Keystone Property Finance has reduced rates across its expat buy-to-let range, cutting selected fixed...

Gatehouse cuts buy-to-let rental rates and eases paperwork

Gatehouse Bank has cut rental rates by 0.25% across its buy-to-let purchase plans for...

The Exeter: most consumers value advice when purchasing insurance

Almost two-thirds of consumers prefer to purchase insurance following professional advice, according to new...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Passing the affordability exam

As teachers and students of various ages have spent August nervously opening exam results...

Investors are changing their approach – and lenders should too

The buy-to-let market never stands still, but the pace of change in recent years...

Leasehold fees, specialists and the need to shop around

Leasehold properties account for around 20% of all dwellings in the UK, and while...

Other news

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...