96% of Income Protection claims made to Shepherds Friendly in 2017 accepted
07 Mar, 2018
The income protection market is one that still offers intermediaries a significant new business opportunity, with less than 10% of UK workers having taken out this vital insurance. Now here’s some good news for any workers who may have expressed concerns over whether to take out cover in case their claims may not be met.
Our claims information has been released and we’re pleased to announce 96% of claims made to Shepherds Friendly by Income Protection plan holders were accepted. In the case of those claimants that we followed up to check how their claim had been handled, 4 out of 5 gave us a 5-star review and everyone said they would recommend us to a friend or family. A very reassuring response.
We found the main reasons for making a claim over the past 12-months were:
– Joint pain
– Back/neck pain
– Broken bones
– Mental health issues
Our Defaqto 5 Star rated Income Protection plan is designed to provide clients with benefits to replace their regular income should they face an extended absence from work due to illness or injury; they can cover up to 70% of their regular income and premiums start from as little as £5 a month. As a Society we don’t rate by occupation, smoking, health or even Body Mass Index (BMI) – right up to a maximum of 38 BMI.
You’ll find full details of our Income Protection plan on our website and further good news is that intermediaries can earn up to 245% of the first year’s premiums as commission.
Our Managing Director Kim Harris commented:
“When people face any extended absence from work due to illness or injury it’s inevitable this is a time of considerable stress. At Shepherds Friendly we look to help reduce that stress by making the claims procedure as user friendly as possible. Our success in achieving this can be measured by the high percentage of claims that were accepted during 2017 and the satisfaction levels we’ve continued to attain among our plan holders”
For more information visit www.shepherdsfriendly.co.uk/incomeprotection or log-in.
* 18-year-old with a waiting period of one day, £376 of cover, premium of £5.00 a month.
All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and H M Revenue and Customs practice which may change in the future.
Please note: All information within our news stories is correct at the time of publication, and we make every effort to keep content accurate. However sometimes information may be out of date. You should not rely on this information when making financial decisions as no financial advice has been given.