Adults don’t believe individual protection policies cover everyday risks such as broken bones, according to new research from MetLife UK.
Its nationwide study found 39% adults do not believe individual protection policies will pay out for everyday risks such as broken bones and 49% do not know whether policies will cover everyday risks.
MetLife’s MultiProtect is currently the only stand-alone policy which alongside a variety of benefits, specifically covers broken bones, including fractures and chips. Adults can receive payouts of up to £3,750 per major broken bone and a Child Cover benefit can be added on to cover all children.
Around 56% of MetLife’s broken bones claims last year were for adults while 44% were for children. MetLife paid out a record £8.6 million of 11,428 claims in total to customers with an individual policy. This was on average 30 claims paid every single day in 2018.
It is estimated that more than 600,000 people suffer broken bones each year and researchers believe that boys have a 30% chance of breaking a bone before the age of 18 while girls have a 19% chance. Furthermore, research shows that 66% of boys and 40% of girls will sustain a fracture before their 15th birthday.
Richard Horner, head of individual protection at MetLife UK, said: “There is a clear need for policies which cover fractures. The risk of breaking bones is unfortunately a real one for many, with around 600,000 reported each year.
“Fractures can have a major impact on everyday life so it makes sense to have affordable cover which pays out and enables people to concentrate on getting better without having to worry about their finances.
“Advisers are the key to helping customers find products that meet their needs. The advisers that partner with MetLife to offer MultiProtect know that it’s the everyday risks that are often overlooked.
“MetLife’s MultiProtect insurance, which as well as providing important fracture cover, also covers adults for hospital stays and can be extended to children for just £1 a month for all children in the household, and could offer a solution for millions. Last year around one in three claims on the policy were for children and around 5,600 claims were for hospital stays.”