99% of Income Protection claims paid out at record speed

Jan. 10, 2013 - PRLog -- It is the fifth year the Birmingham based Mutual Society has paid out 99% of Income Protection claims, which is one of the highest pay-out rates in the industry. The speed of payments has improved with 67% of claims paid out within one week and 95% settled within two weeks; a 5% improvement on the previous year.

As 2012 continued to see tough economic times with the high cost of living, it has never been more vital for self-employed professionals to have Income Protection insurance to help stay afloat in times of illness.

CEO of dg mutual, David Thompson, says: "Income protection insurance is there to provide an income when you are unable to work due to illness or injury so it’s essential our customers receive their money as soon as possible.

“Our values in settling claims quickly are very important to us so it's great to see that 2012 was a record year for us.”

The 2012 figures show that each new claim:

averaged 15 days absence, proving it’s not just long term conditions that can be covered
the average age of a claimant was 46
7% of dg mutual members made a new claim in the year.

ENDS

Notes to editors

About dg mutual

dg mutual has specialised solely in Income Protection since 1927 – originally designed to protect the incomes of dentists but now including most professional occupations.

dg mutual is authorised and regulated by the Financial Services Authority and an active member of the Association of Financial Mutuals (AFM).

As a Mutual Society dg mutual has no shareholders as it is owned by its members and is run solely for the benefit of its members who have the right to share in the running and surpluses of the business.

For further information, please contact Catrina Laskey on 01603 219191 or email catrina@reflectionpr.co.uk