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Aviva paid out nearly 30 million last year to income protection customers

Published on 08/05/2012

Aviva paid out £29.5 million last year to more than 2,500 people claiming on their income protection insurance policy.

Income protection insurance provides a replacement income if the policyholder is unable to work due to accident or injury.

Aviva has previously come under criticism for not sharing its income protection claims statistics with the media.

But in April, Aviva revealed that it paid out on 91 per cent of its income protection claims in 2011, totally nearly £30 million.

The most common reason for claiming is psychiatric conditions, making up 28 per cent of all claims. Of these, 28% were for moderate depression, while 15% were for anxiety and 12% for stress.

Orthopaedic conditions made up 21 per cent of claims made to Aviva, and neurological conditions made up 18 per cent.

The average age for the start of a claim is 44 years, and 45 per cent of those currently receiving benefit have been in claim for over 10 years. The longest lasting claim has been in payment for 36 years.

Will Kentish, head of income protection at Aviva, UK Health, said: "We want to help customers understand the importance and real benefit of protecting their income by releasing this data.

"The figures show just how young the typical age can be for loss of income due to injury or illness, and just how long this can last."

One example is of a builder who stopped work at the age of 47 due to cancer. He has received a monthly pay out of £1,957 (total £320,948) for eight years - he took out the policy 13 years before he claimed.

Compare income protection quotes online with ActiveQuote to see how cheaply you could protect your monthly earnings.

© ActiveQuote Ltd. 2012

Categories:  Income Protection
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