The latest from AIG Life, who paid out a record £394 million in protection insurance claims last year, to help 6,900 customers and their families who were bereaved or ill. Insurance is and always should be, a force for good during the worst of times. Here’s the word;
The UK life insurance firm, which is now part of Aviva Group, provided support to more than 5,200 individuals, families and businesses in 2023 by paying 95% of all individual protection claims, as well as offering vital support through rehabilitation and care services. The £206 million it paid in personal protection claims is up from £204m in 2022, and an 11% increase in the number of claims paid on the previous year. It means AIG Life helped an extra 500 people and their loved ones after an individual had died, experienced a life-changing illness
or when they were too ill to work.
AIG Life paid 99% of Individual life insurance claims, 95% of terminal illness claims, 95% of critical illness claims along with 88% of income protection claims. It also paid almost £173,000 to more than 500 families through its unique Claims Support Fund.
This discretionary fund pays up to £500 (increased from £300 in 2023) to cover the extra unexpected costs that families face when they suffer a bereavement or illness, like hospital parking and travel costs, tools to help their recovery such as a treadmill or recliner chair, or even convert a downstairs bathroom into a wet room.
In group protection, £188 million was paid in claims to provide more than 1650 families with financial support after a loved one died, as well as a continued income and rehabilitation services when an employee was too ill to work.
Neil Davies, Chief Operating Officer at AIG Life, said: “Every single claim paid is a family or business we’ve helped during one of life’s toughest times. The feedback we receive from customers and their beneficiaries when they go through a bereavement or illness tells us that
the claims we pay make a real difference.”
Intermediaries can find more about the claims AIG Life paid in Our 2023 Claims Story on the Adviser Claims Support section of www.aiglife.co.uk
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