(PRWeb UK) February 14, 2011
It is the third year the Mutual Society has settled 99% of Income Protection claims, which is one of the highest rates in the industry.
dg mutual believes the high rates are due to checking all applications thoroughly and conducting thorough medical checks at the outset. Last year, over 50% of all Income Protection insurance claims were paid within one week and over 90% were turned around within two weeks.
Income Protection insurance provides an income to people who cannot work due to illness or injury. As a Mutual Society, dg mutual was set up in 1927 to assist members during hardship and today helps self-employed professionals including dentists and osteopaths.
CEO, David Thompson, says, “Our philosophy holds true today - we pride ourselves in settling claims quickly and without hassle for our members who tell us it really matters.
There are many stories about Income Protection insurance payouts taking a long time to settle which is not what we want for our members. We carry out all our medical checks at the outset which ultimately makes it a far simpler process and means there are no nasty surprises.”
Infection is still dg mutual’s highest cause of Income Protection insurance claim including Swine flu and viral illnesses, proving it’s not just long-term conditions that keep self employed professionals off work.
2010 showed that:
- On average, dg mutual’s members received an income for 12 working days
- The average age of claimants was 46
- On average 7% of members made a claim in the year.
As a Mutual Society, profits are shared between dg mutual members – regardless of the number of claims. In 2010, £195,000 of final bonuses were paid out to retiring members.
About dg mutual
dg mutual, authorised and regulated by the Financial Services Authority, has specialised solely in Income Protection since 1927 – originally designed to protect the incomes of dentists but now including most professional occupations.
About Mutual Societies
A Mutual Society’s main purpose is to assist members during hardship. Formed by communities in the 1800’s, they offer a viable alternative to the big banks/insurers, offering transparency and high returns for low charges.