MetLife UK set for record claim volumes
5 December 2019
MetLife UK says it is on track to pay record claim volumes in 2019, with claims paid in the first nine months of 2019 currently at 92% of the total paid in 2018.
The company said it had paid 10,449 claims compared with around 11,400 for the whole of last year.
The value of the total amount of claims paid for the first nine months of 2019 was £7.5 million, putting MetLife well on course to beat the record £8.6 million payout for the whole of 2018.
A are factor it added was payouts through its accident and hospital cover product MultiProtect, its standalone policy which complements traditional protection policies and enables individuals and families to access affordable and flexible financial protection for their everyday risks.
Richard Horner, head of Individual Protection, MetLife UK said: “The growth in the volume and value of claims demonstrates the role that MultiProtect can play as part of a customer’s protection portfolio and really helps widen advice options for advisers.
“Advisers are the key to helping customers find products that meet their needs – often needs that customers aren’t aware that they have until something happens and it is too late. The advisers that partner with MetLife to offer MultiProtect know that it’s the everyday risks that are often overlooked and the rise in claims shows the value of the policy.”
MultiProtect offers cover for between £8 and £40 a month and does not require medical underwriting. Families can add optional cover for children up to the age of 23 if in full-time education from £1 extra per month and if both parents select the cover, they can protect children twice.
Customers also have complementary access to the Wellbeing Support Centre which provides emotional and practical support.
Maximum payouts are up to £250 a day for UK hospital stays, £3,750 for broken bones, £250,000 for total permanent disability and £200,000 for accidental death. Customers can take out a policy from age 18 up to their 60th birthday and cover will continue until they reach 70.
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