HSBC Life (UK) is urging advisers to be aware of both the full range of support available and the differences in critical illness policies, including value added services and differences to standard cover definitions among providers, so they can deliver the best possible support for clients.
In a statement, HSBC Life (UK) said it paid out £93m in life insurance and critical illness claims during 2024 with paid rates at 97.53% for life insurance and 94.44% for critical illness.
The average time to settle life claims was well below the industry average at 19 days with 67% of claimants receiving a decision on day one whilst for critical illness claims the turnaround time was 41 days.
HSBC Life (UK)’s 2024 data shows cancer accounted for 40% of life insurance claims with heart disease at 12% and respiratory conditions 11%.
Cancer was the largest source of critical illness claims at 65% with heart attacks accounting for 12% and strokes for 6%. HSBC Life (UK) paid out £15.5m in critical illness claims related to cancer and 50% of all female cancer claims were breast cancer related. One critical illness customer had their claim agreed and funds paid on the same day.
It is estimated that there are currently more than 3 million people living with cancer in the UK, this is predicted to rise to 3.5 million by 2025, 4 million by 2030, and to 5.3 million by 2040.
Jen Carhart, Head of HSBC Life (UK)’s claims team, said: “HSBC Life (UK) takes pride in supporting our policyholders and showing them the real value of protection. We are extremely passionate about supporting our most vulnerable customers during times of need. We are proud to be a member of the Protection Distributors Group (PDG) charter and we are laser focused on providing the highest possible standards of customer service during the claims process.”
