Have you heard that life insurance doesn’t pay out? It’s a common misconception but it simply is not true.
In fact, figures from the Association of British Insurers (ABI) show that 98% of protection insurance claims were paid in 2021.
Life insurance has one of the highest payout rates in the insurance industry. The ABI collects industry payout data, and product specific payout data, publishing these on their website.
The main reason a policy would not payout is due to non-disclosure or lying on an insurance application. This is why it is important to be completely open and truthful when applying for life insurance.
A phone-based broker such as Protect Line will help you consider all the relevant medical questions to help reduce the chances of misleading the insurer or forgetting to mention something important.