The top three causes for life insurance claims at Aegon were cancer (37%), cardio (19%) and respiratory (16%) conditions. This is more than double the number of respiratory claims for the same period in 2019 (7%). In 2019 cancer accounted for 43% and cardio conditions accounted for 23%.
Aegon reported that 95% of individual critical illness claims were paid in the first half of 2020, a slight increase in the level of claims that were paid for the whole of 2019 (94%).
Simon Jacobs, head of underwriting and claims at Aegon UK, said: “It’s clear to see the impact that the pandemic has had with the percentage of claims due to respiratory conditions including coronavirus having doubled since 2019.
“For many, the pandemic has intensified the emotional and financial upheaval a death or serious illness can bring, and our experienced team of claims assessors have been on hand to support them through every step. They have supported 63 families through the loss of a loved one due to coronavirus alone.
“The growing interest in financial protection that the industry has seen recently means that we must be even more focused on putting customers and their needs at the heart of what we do, providing the best experience when they need it the most, when they make a claim.”