ABI: Daily protection payouts hit £10m

Protection insurers paid claims to more than 129,100 customers or families last year. Insurers paid out an average of nearly £28,000 to customers who made a claim across life insurance, critical illness insurance and income protection. Overall, 97.2% of protection claims are paid - claims were declined for the condition not being covered by the policy, or the customer not disclosing important information when taking out the policy. The average individual income protection policy payout, which helps those unable to work due to illness or injury, lasted for 214 weeks (more than four ...