Guardian insurance paid more than £21m in protection claims in 2024, up from £15m in 2023.
This included 100% of life claims, 94% of terminal illness (TI) and 92% of critical illness (CI) claims and 100% of children’s CI claims.
This compared with 100% of life and terminal illness (TI) and 92% of critical illness (CI) claims in 2023.
The figures were released as part of its second full claims report following six years being active in the market.
The challenger brand clarified that more recently launched products – including income protection and Life Essentials – were not included and will be featured once they’ve reached five years of trading milestone.
In total Guardian paid £21,344,290 , up from £15,333,395 in 2023 and paid a further 238 premium waiver claims which was an increase on 117 premium waiver claims in the previous year.
Life
There were 50 life insurance claims paid worth £6.7m with the highest amount being £379,057 and the lowest of £10,000.
This compared with 31 life insurance claims paid worth £5.02m with the highest amount being £460,769 and the lowest of £12,713 in 2023.
The youngest claimant was aged 27 and the oldest 68, with 72% of claimants being male while other natural causes accounted for 30 claims (60%), followed by cancer 12 claims (24%) and accident, suicide both four claims (8%).
In 2023 the youngest life claimant was aged 27 and the oldest 64, with 71% of claimants being male, while cancer accounted for 13 claims (42%) followed by accident, suicide and other natural causes all accounting for six claims (19%) each.
Terminal illness
Around 94% of 32 terminal illness claims were paid totalling £4.9m with the highest being £400,000 and lowest of £22,500. The youngest claimant was 33 and oldest 69.
Just over half (53%) of claimants were male and cancer accounted for all 32 claims.
In the previous year the same percentage (53%) of claimants were male and cancer accounted for 14 claims (93%) with motor neurone disease being the remaining case.
Critical illness
Turning to critical illness, 129 (92%) claims were paid totalling £9.0m with 11 declined. Around 90% received the full payment while 8.5% were for additional pay outs and 1% for surgery cover.
In 2023 all 15 terminal illness claims were paid totalling £2.53m with the highest being £303,460 and lowest of £40,627, while the youngest claimant was 37 and oldest 64.
The highest amount paid in 2024 was £412,993 while the lowest was £7,391, with the youngest adult claimant being 26 and the oldest 67, while claims were split relatively equally between men (48%) and women (52%).
This compared with 2023 when the highest amount paid was £500,000 while the lowest was £4,156, with the youngest adult claimant being 26 and the oldest 62, while claims were split equally between men and women.
Children’s CI
On children’s CI, all 27 claims were paid totalling £643,270. The highest pay out was £100,000, with the lowest £21,000.
Declines
Of the 13 adult claims declined, 10 were for misrepresentation and three were for not meeting the definition.
Pushing boundaries
Carlton Hood, CEO at Guardian, (pictured) said: “I’m extremely proud to publish our second claims report and to share how many families Guardian has helped during 2024.
“I’m particularly impressed when Guardian has had the courage to think differently, and to challenge established practice in order to do things better.
“As this report shows, it means customer outcomes are better when it matters most.
“I look forward to working with peers and colleagues across the industry, to continue to push the boundaries and innovate, for the benefit of all those who are touched by what we do.”
Jenny Binns, claims specialist manager at Guardian, added: “What’s good about working in the claims team at Guardian is that our innovations help us better help our customers when they need us most.
“When policyholders or their families claim, they’re often sad, stressed, overwhelmed and vulnerable.
“They need our help. It’s not just about the money; it’s about the whole process of claiming for it as well as the support they receive.”
