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22/02

Old Mutual Wealth releases 2015 Protect claims statistics

Old Mutual Wealth’s protection business paid out 95.43% of critical illness claims in 2015, an increase on the 2014 figure.

Life claims were paid out in 100% of cases, the sixth year in a row that all life insurance claims have been paid.

Over 92% of critical illness claims were made for the top five conditions of Cancer, Heart attack, Heart surgery, Stroke and Multiple Sclerosis.

The average age of a claimant was 52 years old for men, and 48 years old for women.

During 2015 Old Mutual Wealth’s Protect product was enhanced by the addition of the ‘There for You’ support service, at no extra cost to policy holders.

The service, supplied by specialist provider RedArc, gives Old Mutual Wealth customers access to a team of highly trained and experienced telephone based Personal Nurse Advisers, who can provide practical advice, emotional support, explanations and information to support customers through difficult circumstances.

‘There for You’ is available to customers, their spouse or partner and their children from the day the cover starts, whenever they need it, for as long as they need it. Customers do not even need to make a claim on their policy to have access to the service.

Paul Roberts, head of protection at Old Mutual Wealth, commented: “The twin negative perceptions that the protection industry and advisers are working to overcome are ‘it’ll never happen to me’ and ‘insurers don’t pay out.’ We’re very proud of our claims statistics, because as an insurer it is our intention to pay out as many claims as possible.

“Very often you hear people refer to the number of conditions contained in a policy but it’s clear that with over 92% of claims coming from five conditions, it’s the quality of the cover you have in place that counts.

“That quality within the Old Mutual Wealth Protect product is highlighted by our provision of the ‘There for You’ service in 2015, as well as our ability to pay out life claims up to £300k without the need for probate. Probate can take a long time to sort out so the ability to pay out without it means we can get the money to the beneficiaries as soon as possible – which can be useful if there’s an IHT bill, funeral costs or debts to pay.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com

Notes to Editors:

Old Mutual Wealth

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK & Italy* and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £119 billion in customer investments (as at 30 September 2016).

Old Mutual Wealth is part of Old Mutual plc a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million customers across the world and has a total of £342.7 billion assets under management (as at 30 June 2016).

*Old Mutual Wealth announced the sale of Old Mutual Wealth Italy to Ergo Italia on 9 August 2016. The transaction is pending completion.

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.