We are pleased to announce that Shepherds Friendly paid 96.2% of claims to Income Protection members in 2022. This is an increase over 2021, in which we paid 95.2% of claims, giving a five-year average of 95.3% of claims paid since 2018.
As a mutual, our members are at the heart of everything we do, and that involves being there for them in their time of need. Last year, the main causes for claims with us were musculoskeletal issues (28.29%), followed by spinal problems (11.70%), mental health (10.65%), coronavirus-related issues (9.24%), and fractures (7.09%).
In addition to paying claims, we support our members through a range of Enhanced Benefits, included as part of their plan with us. Last year, we were able to provide extra financial support with:
- £26,000 paid out in death benefit (£6,000 paid in monthly instalments to families in the unfortunate event that a member passes away during the course of their plan).
- £2,500 in new child payments (a £250 payment into a Shepherds Friendly Junior ISA when a new child is welcomed into a member’s family).
- 16.2% of Income Protection members accessing the free and unlimited 24/7 Virtual GP service, powered by Doctor Care Anywhere, since launch in September 2021.
Our Head of Claims, Dan Palk, commented on this:
“Our mutual ethos means we focus on supporting our Income Protection members when they need us the most. Income Protection is arguably the most important financial product a person can have and our focus on paying claims has meant valuable financial support at a very difficult time. These claims statistics prove the product paid out as promised when needed.”
Stuart Boseley, a financial adviser at Best Insurance, added:
“A common question customers asked is “what percentage of claims are paid out?” It becomes a comparison point and an important part of their decision-making process. It is great, as always, to see Shepherds Friendly has released its claim stats for 2022 so early in the year. It backs up their ethos and commitment to customer service.”
For more information on how Shepherds Friendly Income Protection can help you protect your lifestyle, you can find out more on our webpage.