"What stands out to me is that almost 23% of Cirencester Friendly’s claimants are aged 30 or under. There is a tendency for people to think protection is just for older people, but these show that it can be a vital safety net for people of any age."
- David Mead, joint head of protection at St. James Place
Last year, Cirencester Friendly paid 95.4% (1,348) of claims, maintaining an average of more than 94% of claims receiving a pay-out over the past decade. Although the majority of claimants ( 59%) were aged between 31 and 50, almost a quarter (23%) were aged 30 or under.
Only 20 were deemed ineligible due to relating to a claim for an already excluded condition or the claim ending before the deferred period expiry, and 65 were declined due to issues of non-disclosure, no loss of earnings or proof of earnings being supplied.
Paying out more than £8.5m in 2022, Cirencester Friendly has assisted policyholders make claims for accidents (26%), musculoskeletal conditions (26%) and infection (16%). Notably, 95% of claims were made for a deferred period of four weeks or less, to avoid falling into serious financial difficulty.
The Individual income protection provider believes these statistics prove that protection is important for all age groups as accidents or illness can happen to anyone.
Commenting on these findings, Andy Morris, Cirencester Friendly chief executive, has said:
“As a mutual society, Cirencester Friendly puts the needs of members at the very heart of our organisation. These claims statistics demonstrate how strongly we adhere to this commitment and the real value our policies bring to members. In 2023, we will continue to work hard in these challenging times to provide this important protection to more people, ensuring they have a financial safety net when they need.”
David Mead, St. James Place joint head of protection, also noted that:
“What stands out to me is that almost 23% of Cirencester Friendly’s claimants are aged 30 or under. There is a tendency for people to think protection is just for older people, but these show that it can be a vital safety net for people of any age. The pandemic highlighted that everyone is vulnerable to illness and these results will help us demonstrate the real value of protection to working people of all ages.”
Paul Reed, Vita director & protection specialist added:
“There are many barriers that prevent people from taking out protection insurance and one of the objections we often hear is that their claims won’t be paid. These impressive figures from Cirencester Friendly disprove this.”
For the last 12 months, Cirencester Friendly has been improving its digital capacity, establishing its partnership with iPipeline so that its partners could build products they want and manage their philosophy in real time.
Cirencester Friendly has also established partnerships with both Paradigm Protect and SimplyBiz, to enhance their range of IP products and additional benefits which now include fracture & hospitalisation cover and immediate death benefit.