{"id":984,"date":"2021-08-20T13:42:20","date_gmt":"2021-08-20T12:42:20","guid":{"rendered":"https:\/\/www.protectline.co.uk\/blog\/?p=984"},"modified":"2022-08-08T15:52:51","modified_gmt":"2022-08-08T14:52:51","slug":"do-critical-illness-policies-pay-out","status":"publish","type":"post","link":"https:\/\/www.protectline.co.uk\/blog\/do-critical-illness-policies-pay-out\/","title":{"rendered":"Do critical illness policies pay out?"},"content":{"rendered":"
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In the UK, there’s a deep-rooted mistrust between consumers and insurance companies. Life insurance and critical illness companies are regulated by the Financial Conduct Authority (FCA) and annually publish their claim payout records. So, do critical illness policies pay out? Yes, absolutely! Critical illness insurance payout rates are usually north of 90% while life insurance is usually above 98%[1].<\/strong><\/p>\n

Despite these facts, in a world of misinformation and fake news, stories still circulate social media further adding to the myth that these policies do not pay out.<\/p>\n

These myths damage trust and dissuade good, hardworking people from protecting themselves and their families from financial hardship should the worst happen.<\/p>\n

The FCA has been working with industry partners for over 10 years on this issue and we have seen some great progress.[1] We’ve also heard many concerns about how best to communicate information around claims settlement to help build consumer confidence.<\/p>\n

Insurers have produced far more consumer focused messaging recently explaining their excellent claim payout rates but also why a claim would not be paid.<\/p>\n

Our aim today is to collate some of those facts and figures to show you that critical illness policies do pay out.<\/strong><\/p>\n

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