Friendly Societies Pay 95% Claims

Friendly Societies Pay 95% Claims

Friendly Societies paid out an average of 95 per cent of income protection claims last year, according to the Association of Friendly Societies.  Friendly societies saw income protection sales increase by 38 per cent last year compared with 2006.  

General secretary Martin Shaw says “This is a first for the income protection industry and we believe this information is vital for consumers and advisers in helping them make an informed choice when buying income protection cover”.  The results reflect both the transparency of friendly societies as well as their commitment to supporting their members at a time of need, but as well as working actively to pay every claim that we can, we are not complacent about members whose claims are not paid”.

Our view

The question here is how many normal insurance companies were surveyed for comparison.  The answer is none.  Therefore, the survey whilst being great news does not give a full picture.

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