I hear so often “Life insurance it does not pay out though does it” unfortunately that could not be further from the truth. As an example of this the following is the claim statics from Scottish Widows over 2020 -2021 period
A staggering £207.9 Millions was paid to families this year, that is £821,000 per day.
The total number of claims was 10,426
The youngest life claim was only 24 years old
The average age for a claim is 58.7 years old
98.4% of claims paid across all products . Whilst life claims paid at 99.3% (I’m guessing some critical illness claims where not a condition on plan or did not meet the required severity – giving the lower metric)
The top three reasons for a claim 29.6% Cancer 22.1% Respiratory and 16.6% Heart.
These figures reinforce the need that claims really do happen even at young ages but knowing what is covered and how to protect ourselves with the best protection (because all the providers are different) is something the Golden Rock Solutions can do with free independent advice