British Friendly has revealed its Income Protection paid claims statistics for the past 16 years as well as for 2021.
The friendly society has also calculated the number of paid claims in Q1 2022 and how much it has paid on its added benefits package, BF Care, in Q1 2022.
So far in Q1 2022, British Friendly had paid 94% of new Income Protection claims received in Q1 2022.
Also during the first quarter, through its discretionary BF Care programme, which comes at no extra cost to all members, British Friendly has paid over £100,000 in BF Care claims. The insurer has also paid out at least one claim for each of the five BF Care benefits – Bereavement Benefit, Terminal Illness Benefit, Death Benefit, Care Assistance Benefit, Recovery Support Benefit.
BF Care benefits were paid to 20 members and their families, while over 50% of BF Care claims paid were under the Bereavement Benefit and the average amount paid out was £5,146.
The average amount paid out for Death Benefit claims was £8,157
In 2021, British Friendly paid one of its members £3,250 in Care Assistance Benefit after his 14-year-old son was diagnosed with a brain tumour and needed full time care. Sadly, in Q1 2022, the diagnosis was deemed terminal and British Friendly paid the member a further £3,825 in Terminal Illness Benefit, which is an advance payment of the Bereavement Benefit.
Meanwhile, one long-term claimant who has been paid over £52,000 to date under his Income Protection claim also received a £4,680 Bereavement Benefit payment in Q1 after his wife died from cancer.
In 2021, British Friendly paid 84% for all new claims including their moratorium policies, which equates to an average of 95% claims paid over the last 16 years.
The top five reasons for paid claims in 2021 were: 34% musculoskeletal; 13% Covid-19; 9% anxiety or depression; 6% non-Covid-19 related respiratory or infectious diseases and 6% gastrointestinal.
Maxine Jannetta, head of claims at British Friendly, said: “We share our claims data every year because we believe it’s important to show that insurers really do pay out, but we do so much more than just pay claims. We support our members through rehabilitation, recovery and help them find ways to return to work, even if that’s a different occupation or reduced hours, in order to help them regain a sense of purpose as well as recover any financial loss.”