Many people might think that they don’t need protection insurance and might question whether they, or their loved ones, would actually benefit from it. Yet, as figures recently released to Embrace Financial Services (EFS) confirm, literally millions of pounds was paid out to families last year - many of whom gained the help of EFS in finding insurance and now, no doubt, are grateful they did.
The figures, which came from insurers Aviva (*), highlighted that £7.21m was paid to customers of EFS (and its sister company, Mortgages First) – with £1.17m paid in one month alone. The claims related to life insurance and critical illness policies that customers had secured and also some insurance cover for fractures which were bought alongside them.
Over £2m of claims were made in relation to life cover (with £59,840 being the average amount) and more than £4.7m relating to critical illness claims – with the average claim amounting to £80,208.
Paul Nurding, Managing Director of Embrace Financial Services commented:
“Protection insurance is, as the name suggests, designed to provide financial protection to individuals or their loved ones should certain events occur. And, whilst these figures highlight critical illness and life insurance claims – and the high incidence of them - there are other products available that protect income should you fall ill temporarily and be unable to work.
Overall protection insurance alleviates some of the heartache that such devastating events can bring - providing money to help replace lost income, pay mortgage payments, childcare or even pay for respite care or holidays.
No-one wants to think that such events could happen - but they do, as these figures confirm, and, whilst very sad to see, we’re pleased that EFS has been able to help so many individuals and families to protect themselves in this way.”
If you’d like to understand more about protection insurance, why not take a look at the video available on our website or alternatively book an appointment with one of our Financial Advisors to find out what protection policies are available.
(*)Claims data relates to payments made between 1st January and 31st December 2020 to LSL Group customers with a life insurance or critical illness policy. LSL Group customers include Your Move, Reeds Rains, LSLi, and Mortgages First – which Embrace Financial Services works alongside.