Legal & General has revealed it paid £31.3m in group income protection (GIP) claims last year with 60% of people returning to work in less than six months.
The provider also said it declined 3.9% of benefit claims and spent £2.2m in rehabilitation costs. In 2010 60% of individuals were able to return to work within the first six months of absence, compared to 58% in 2009. When notified of the absence within six weeks, those able to return to work climbed to 69% compared to 52% when notified later. The £31.3m was an increase of £2.1m (7%) on the previous year (2009). During the year, taking into account those who were rehabilitated or able to return to work, 3.9% of all GIP benefit claims were found to be invalid. L&G said the fi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes