Shepherds Friendly has corrected the value of income protection (IP) claims it paid in 2022, confirming it paid £2.25m in benefits to policyholders.
The mutual previously told Health & Protection that it paid out £3m in IP claims in 2022. In 2021 it paid out a total of £2.5m.
The mutual did not disclose the approval rate for new IP claims made in 2022 or how many claims it paid.
Shepherds Friendly said including those claims already in payment, it paid 96% of all IP claims last year, up from 95% in 2021.
The main five reasons for claims being made were musculoskeletal non-spinal conditions (28%), spinal (12%), mental health (11%), Coronavirus (9%) and fractures (7%).
Claims were declined for either non-disclosure, the claims not meeting the terms and conditions, the claim being made for symptoms excluded under the plan, or misrepresentation.
Shepherds Friendly also released claims details on its added health and wellbeing support services, known as Enhanced Benefits.
The data showed 16.2% of IP members used the Nuffield Health Virtual GP service throughout 2022 up to the end of February 2023.
The mutual also paid out £26,000 in death benefit bereavement payment and £2,500 in new child payments where it deposits £250 payment into a Junior ISA for IP members who open a Shepherds Friendly Junior ISA.
David Palk, head of claims at Shepherds Friendly, said: “Our mutual ethos means we focus on supporting our income protection members when they need us the most.
“Income Protection is arguably the most important financial product a person can have and our focus on paying claims has meant valuable financial support at a very difficult time.
“These claims statistics prove the product paid out as promised when needed.”
