The average of claimants on income protection (IP) insurance could be lower than is widely believed.
Figures released by IP specialist provider The Exeter suggests that the age of claimants on its Income Protection Plus products was just 34 years old in 2019.
The figures also show that the average length of claim was 60 weeks across the 1,367 members that The Exeter supported last year while they were unable to work due to illness and injury. The mutual insurer paid out 91% of its IP claims with an average claim amount of £3,920.
Accidents and injuries accounted for nearly half of claims (46%), followed by claims from those with musculoskeletal conditions (17%). Mental health conditions and common infections, such as coughs and colds, accounted for a further 18% of IP claims last year.