AEGON pays 93% of income protection claims in 2008

AEGON Scottish Equitable is today publishing its income protection claims stats, following last weeks announcement that it paid out on 91% of critical illness claims in 2008.

AEGON Scottish Equitable paid out 93% of income protection claims in 2008.

Income protection claims for stress and depression related illnesses have increased by 12% from 2007.

Only 7% of income protection claims were declined, all of which were due to non-disclosure. The average age of the income protection claimant was 42 years old. The most common reasons to claim were back problems, accidents and mental health issues. The latter reason being especially relevant given that week commencing 12th April marks mental health action Week.

Helen Morris, Claims Manager at AEGON Scottish Equitable says: "We can see a number of trends in our figures and the results show an increase in claims for stress and depression. It could be that this increase is linked to the current financial climate.

"The 7% of claims declined were due to non-disclosure. We continue to encourage advisers to use all the tools available to them in order to encourage full disclosure at the application stage and to this end we have launched a new understanding claims website.

Helen continues: "This new website features all the tools and information an adviser needs to help their clients understand the claims process and how to avoid non-disclosure occurring, as well as testimonials from claimants and some valuable case studies."