LifeSearch recorded 1,418 individual, family and employer paid claims in 2024, with insurers paying out a total of £105,070,803 – just over £2m a week.
The number of claims settled rose 35% compared to 2023.
This meant the total benefit paid to LifeSearch customers across life insurance, terminal illness, critical illness, sickness and accident policies, increased by more than £43m (68%) year-on-year.
Looking at the 2024 LifeSearch claims data more closely shows that 23 insurers paid:
- £65m across 551 life claims, while a further £16.2m was paid out to 131 terminal illness claimants
- £23m to 471 critical illness claimants
- £698,257 in replacement income to 141 claimants
- 17 fracture and waiver of premiums claims were settled, totalling £59,016
Female customers accounted for 40% of the total claims paid out.
The earliest claim was for a critical illness policy, where the policyholder submitted their claim 29 days following taking out their cover.
Justin Harper, chief marketing officer at LifeSearch, (pictured centre) said: “Our claims statistics reaffirm the critical role of protection insurance – through advice and online services – in providing financial security through life’s uncertainties.
“Behind every statistic is a real person, and for consumers and advisers, they serve as a powerful reminder that life is unpredictable – but also that protection insurance does pay.
“Over 1,600 LifeSearch customers made claims last year. Most deal directly with their insurer, but our dedicated claims support team assisted over 400 last year, guiding customers from notification to the final decision.
“On a rare occasion where a claim was initially declined, perhaps unfairly, we have stepped in to appeal and successfully challenge those decisions to help our customers secure a positive outcome.
However, Harper added that there was still room to improve the claims experience.
“It is important for insurers to notify advisers when customers make claims, as collaboration with us and other distributors will be key to faster responses, more empathetic and practical evidence gathering, and quicker pay outs,“ he continued.
“After all, when it comes to protection, paying claims is what we’re all here to do.”
