Life - Articles - Aegon shines spotlight on declined protection claims


To support the publication of its protection claims stats Aegon UK has produced a set of guides that put declined claims under the spotlight. Aegon highlights that the financial safety net protection offers families and businesses is only as good as the application information they receive.

 The “Spotlight on” guides detail the information about protection claims paid in 2019 but go the extra mile and use real examples of declined protection claims to demonstrate some of the common reasons behind claims Aegon has not paid in a bid to help build trust and transparency.

 Simon Jacobs, Head of Underwriting and Claims Strategy at Aegon UK said: “We’re proud to have paid 97% of life claims over the past 3 years, however, it’s really disappointing to have seen an increase in the number of life protection claims we were unable to pay last year due to misrepresentation – particularly around alcohol usage and heart problems.

 “The very small number of claims we are unable to pay are due to significant misrepresentation on application forms.

 “Alcohol misrepresentation is one of the most common reasons for many of Aegon’s declined claims. One of the cases we share in our life protection claims guide illustrates how a customer didn’t notify us of their 15-year history of heavy drinking and referrals for detox in their application. This particular customer died within 3 months of taking out the policy due to liver changes caused by drinking.

 “Our application process clearly asks if you have ever been advised to reduce or stop your alcohol consumption by a doctor, nurse or other medical professional, this includes referral for specialist support such as an alcohol dependence unit or Alcoholics Anonymous. This customer said no.

 “We don’t ever want to decline a claim. This should never have been a claim, as had we been aware of the true position, we would have been unable to offer cover to this particular customer.”

 “An adviser can often help guide people through the application process, to help get the best terms possible, based on the most accurate information.”

 View the range of guides for more information:
 • Spotlight on life claims
 • Spotlight on critical illness claims
 • Spotlight on income protection claims
 • Spotlight on terminal illness claims
  

Back to Index


Similar News to this Story

1 in 3 want Covid19 vaccine before returning to workplace
With lockdown measures easing and office spaces starting to open again, new research released by Canada Life reveals that 35% of those who have been w
Aegon shines spotlight on declined protection claims
To support the publication of its protection claims stats Aegon UK has produced a set of guides that put declined claims under the spotlight. Aegon hi
Who is Zoomin who
For many businesses, the online element has been seen as an adjunct rather than a primary channel and the life and pensions sector has been no differe

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.