I know you want more stats, so here they are
Lots of people think "oh that will never happen to me", but most claims are for really mundane & unremarkable things!
The most common reasons people claimed on their income protection (sick pay) in 2020 were:
- Musculoskeletal (bad back, pulled muscle, sprain, broken bone, whiplash etc)
- Mental health (stress, anxiety, depression, bereavement).
(Image from Aviva claims report)
Young & healthy people especially tend to think it's unlikely they'll be signed off work sick. However the average age for income protection claims is only 42.
For women, 50% of claims began under age 40, and 50% of claims began over age 40. That means women were just as likely to be off work sick before the age of 40 as they were after.
(Image from Aviva claims report)
If being off work sick would leave you out of pocket, enquire about income protection 😊
How about Life Insurance?
Out of all life insurance claims paid out by Royal London in 2020, 67% were for men and 33% were for women. This is not because men are more likely to die. This is because men are more likely to have life insurance!
(Image from Royal London's 2020 Claims Report)
Men are more likely to buy life insurance themselves. Men are also more likely to have life insurance provided to them by an employer.
It's time to close this gap ✊