AIG Life pays more claims than ever before

Author:
AIGAIG

Tuesday 19 February 2019


AIG Life Limited paid out £92m in life and critical illness (CI) claims in 2018, up from £73m in 2017, and helped over 1500 individuals and families through some of the most traumatic times in their lives. Data published by AIG Life reveals it paid 99% of life claims in 2018, equal to 2017, and 94% of critical illness claims, up from 93% last year.

An increasing number of those claims were made as Children’s CI payouts to parents, including a double payment to each parent of a nine-year-old girl needing specialist proton beam therapy overseas*. Discretionary payments from our Claims Support Fund, which helps with costs while a claim is processed, are included. For example, money to pay for specialist swimming lessons for a child with cerebral palsy.

Some customers are also making good use of the added benefits that come with their AIG protection insurance to improve their family’s health. Four in ten customers who accessed Best Doctors**, a global second opinion medical service that comes free as part of the insurance offered by AIG Life, received a new diagnosis in 2018 for the medical situation that they or an immediate family member faced, or changed their treatment following advice given. One in six of the Best Doctors cases reviewed were for the child of an AIG Life policyholder aged under 18.

Commenting on AIG Life’s findings, Adam Winslow, CEO of AIG Life, said: 

“Taking out protection insurance to look after your family is a truly selfless act so when life takes a terrible turn, you want feel that behind the ‘faceless’ insurance company there’s some friendly experts who will be supportive every step of the way. Paying claims is what we’re here for. It’s why we exist. But offering access to a global second medical opinion service such as Best Doctors is our way of providing customers and their families with as much backing as possible, regardless of whether it relates to a claim. I find it particularly rewarding when I see the extra services we provide are making a real difference to people’s lives.”

AIG Life has published a video (see below), today, containing real customer calls to share how it helped claimants in 2018.

AIG Claims Stats 2018

Claims stats for 2018 with customer testimonials

AIG Claims Stats 2018 Transcript

I've been diagnosed with prostate cancer. I only found out by accident about my insurance because when I first was diagnosed, I flipped through it.

F: I always think it's not the thing that's top of your priority.

No.

Hopefully they've found it at the right time for you and they can get you sorted out.

Really chuffed with the progress and really happy for the client because these are circumstances that are not great [unclear words 0:00:53.1] health in terms of getting something done and getting a payment in relation to the [unclear words 0:00:57.4]. You're thinking, well, hats off to you guys so thank you for that. It's obviously something that's come out of the blue and it's something that's obviously having a great impact on her life, so she's entitled to that money so let's get it to her as soon as we possibly can.

F: I hadn't really realised I've got critical illness cover and then the day that I rang up, the chap that I spoke to, he was absolutely lovely. A couple of weeks later, I got another phone call to say you were on with it. Obviously lots of letters to say that you were on with it, the money's there, it's paid the mortgage off. I don't have to worry about trying to find money for the mortgage. Fantastic. You've all been absolutely fantastic.

I have been given the all clear in the last week or two and I've still got to have check-ups every three months for up to 18 months and possibly longer. I've got some good news. You was highly recommended as a company because they said whether it be cases like this or in the severe cases, that you deal with things very quickly and because you know that it's what families need. You think, well, you've heard that one before but I couldn't praise you enough, you've been brilliant.

You never think it's going to happen. I'm so glad I took it out. When I put a claim in, everything's moved so, so quickly.

F: Good, I'm really pleased.

I'd highly recommend the insurance company, highly recommend.

[END OF TRANSCRIPT]

- ENDS -

Notes to Editors

Here is further information on AIG Life’s claims paid in 2018:

The highest payouts were:

  • Life - over £1.7m
  • Critical illness - £500,000
  • Terminal illness - £1.1m


The average age at claim was:

  • Life – 65yrs
  • Critical illness – 47yrs
  • Terminal illness – 60yrs


Cancer was again the biggest cause of claim:

  • 39% of all life claims
  • 68% of all critical illness claims
  • 93% of all terminal illness claims
  • 29% of all child critical illness claims.


Life claims

  • 1086 claims
  • £51.8m paid
  • Average sum assured: £47,712


Critical illness

  • 318 claims
  • £24.8m paid
  • Average sum assured: £78,077


Critical illnesses claimed for:

  • Cancer 68%
  • Stroke 11%
  • Heart Attack 5%
  • Multiple Sclerosis 4%
  • Benign brain tumour 2%


Terminal illness

  • 113 claims
  • £14.2m paid
  • Average sum assured: £125,497


Children’s Critical illness

  • 45 claims
  • £850,242 paid
  • Average sum assured: £18,895

 

* AIG Life paid two double Children’s CI payments in 2018, as we do for any CI policyholder whose child is unable to receive the treatment they need for a defined condition in the UK. In this case, both parents of a nine-year-old, who travelled overseas for much-needed proton beam therapy treatment, received a double payment as both had CI policies with AIG. Proton beam therapy was previously only available overseas but is now being made available to children in the UK.

** Best Doctors, the second opinion medical service, is provided with all AIG Life Limited protection policies as an added value service which can be used by the policyholder and their immediate family. Customers who buy AIG Critical Illness Cover can also use Best Doctors for a further three years after the sum assured is paid, to help them get continuing advice on their treatment.


People using Best Doctors through AIG Life policies received:

  • a change in treatment in 31.37% of cases
  • a change in diagnosis in 12.16% of cases.

16.5% of the cases reviewed by Best Doctors were under 18 and children of AIG policyholders.


American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG Life Limited can be found at www.aiglife.co.uk | YouTube: www.youtube.com/aig | Twitter: @AIGLifeUK www.twitter.com/AIGLifeUK | LinkedIn: www.linkedin.com/company/aig-life-limited. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.