{"id":1090,"date":"2021-09-08T14:55:41","date_gmt":"2021-09-08T12:55:41","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=1090"},"modified":"2023-03-28T10:36:45","modified_gmt":"2023-03-28T08:36:45","slug":"17m-in-protection-claims-paid-out-daily-in-2020","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/17m-in-protection-claims-paid-out-daily-in-2020\/","title":{"rendered":"\u00a317m in protection claims paid out daily in 2020"},"content":{"rendered":"<p><strong>\u2018 Insurers never pay out \u2019 is one of those myths that is so widely stated that many people simply believe it to be true. However, evidence shows it is simply not the case<\/strong>.<\/p>\n<p>According to figures from the Association of British Insurers (ABI)1 \u00a36.2bn was paid out to grieving and struggling families in 2020 \u2013 the equivalent of \u00a317m every single day. This included \u00a3202m paid out to help the families of those impacted by \u00a0the pandemic.<\/p>\n<p><strong>Mental health protection <\/strong><\/p>\n<p>Income protection claims for mental <strong>\u00a0<\/strong>health conditions also rose from 10% to 12% in 2020, perhaps a reflection of the increased stress, anxiety and depression reported by many during lockdown. The ABI has also recently launched a mental health training platform to teach insurers how to better engage with customers who disclose mental health problems.<\/p>\n<p><strong>An essential financial safety net<\/strong><\/p>\n<p>Paul Brencher, Managing Director of \u00a0Individual Protection at Aviva UK, commented: <em>\u201cThe financial risks from<\/em> <em>ill health are not new, but the pandemic<\/em> <em>has dramatically highlighted how the<\/em> <em>financial resilience of families can be so<\/em> <em>easily tested. There has never been a <\/em>\u00a0<em>more important time to demonstrate <\/em>\u00a0<em>the benefits of protection, the safety nets it can provide to customers and their families in difficult times, and <\/em>\u00a0<em>its relevance for employers and <\/em>\u00a0<em>financial advisers.\u201d<\/em><\/p>\n<p>1ABI, 2021<\/p>\n<p>\ud83d\udea8 Data accurate as of the date of publication \u2013 08.09.2021.<\/p>\n<p>\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018 Insurers never pay out \u2019 is one of those myths that is so widely stated that many people simply believe it to be true. However, evidence shows it is simply not the case. According to figures from the Association of British Insurers (ABI)1 \u00a36.2bn was paid out to grieving and struggling families in 2020 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-1090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00a317m in protection claims paid out daily in 2020 - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"\u2018 Insurers never pay out \u2019 is one of those myths that is so widely stated that many people simply believe it to be true. 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