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.”