DG Mutual, an income protection specialist for self-employed professionals, has paid out 99% of claims for the third year running, with over 50% of claims paid out within one week.
It is the third year the mutual society has settled 99% of income protection claims, which is one of the highest rates in the industry.
The insurer believes the high rates are due to checking all applications thoroughly and conducting thorough medical checks at the outset. Last year, over 50% of all income protection insurance claims were paid within one week and over 90% were turned around within two weeks.
Income protection insurance provides an income to people who cannot work due to illness or injury. As a mutual society, the insurer was set up in 1927 to assist members during hardship and today helps self-employed professionals including dentists and osteopaths.
David Thompson of DG Mutual says, “Our philosophy holds true today - we pride ourselves in settling claims quickly and without hassle for our members who tell us it really matters. There are many stories about income protection insurance payouts taking a long time to settle which is not what we want for our members. We carry out all our medical checks at the outset which ultimately makes it a far simpler process and means there are no nasty surprises.”
Infection is still the highest cause of income protection insurance claim including swine flu and viral illnesses, proving it is not just long-term conditions that keep self employed professionals off work.
2010 showed that:
- On average, members received an income for 12 working days
- The average age of claimants was 46
- On average 7% of members made a claim in the year