British Friendly income protection pay outs exceed £5 million in 2022

The total pay outs represent 90% of new IP claims made to the provider, increasing from 84% in 2021. The claim pay outs rise to 92% when British Friendly's Simplified moratorium product is excluded from the overall claims rate, the provider noted. Musculoskeletal issues were the primary reason for claims last year (46.7%), followed by Covid-19 (14.2%), mental health (7%), surgery that is not covered in other categories (6.4%), and chest/lung/nose/throat (5.8%). Of denied claims, just over one third (34.8%) were due to misrepresentation, while 26.7% of claims were rejected due to pre-e...