LifeSearch 2024 Claims Statistics

Over £100 million paid out to LifeSearch claimants in 2024

The UK’s leading protection specialist, LifeSearch, recorded 1,418 individual, family and employer paid claims in 2024, with insurers paying out a total of £105,070,803 – just over £2million a week.

The number of claims settled increased by 35% compared to 2023, reflected in the total benefit paid to LifeSearch customers across life insurance, terminal illness, critical illness, sickness and accident policies, increasing by over £43million (68%) year on year.

A closer look at the 2024 LifeSearch claims shows that 23 insurers paid:

• £65 million across 551 Life claims, while a further £16.2 million was paid out to 131 Terminal Illness claimants
• £23 million to 471 Critical Illness claimants
• £698,257 in ‘replacement income’ to 141 claimants
• 17 Fracture & Waiver of Premiums claims were settled, totalling £59,016

Female LifeSearch customers accounted for 40% of the total claims paid out.

The earliest claim was for a critical illness policy, where the policyholder submitted their claim just 29 days after they took out their cover.

Justin Harper, Chief Marketing Officer at LifeSearch, said: “Our claims statistics reaffirm the critical role of protection insurance – through advice and online services - in providing financial security through life’s uncertainties. Behind every statistic is a real person, and for consumers and advisers, they serve as a powerful reminder that life is unpredictable – but also that protection insurance does pay.

“Over 1,600 LifeSearch customers made claims last year. Most deal directly with their insurer, but our dedicated claims support team assisted over 400 last year, guiding customers from notification to the final decision. On a rare occasion where a claim was initially declined, perhaps unfairly, we have stepped in to appeal and successfully challenge those decisions to help our customers secure a positive outcome. At LifeSearch, we have long said that the product isn’t just the policy, it’s the claim, and we’re proud to have made such a financial and emotional difference to our customers when it mattered to them most.

“However, there is still room to improve the claims experience. It is important for insurers to notify advisers when customers make claims, as collaboration with us and other distributors will be key to faster responses, more empathetic and practical evidence gathering, and quicker payouts. After all, when it comes to protection, paying claims is what we’re all here to do."

ENDS

Notes to Editors
LifeSearch press contacts: Millie Dunn, edunn@teamspirit.co.uk / Henry Clatworthy, hclatworthy@teamspirit.co.uk