UK-based independent brokerage Drewberry Insurance has launched a new protection payout rate tool that provides the payout rates across 11 different providers for income protection, critical illness insurance and life insurance.
The new tool is expected to help potential customers to make an informed decision when selecting an insurance product and provider.
The tool, which is currently available on the company’s website, offers users a faster way of checking payout rate.
Major insurance providers have disclosed their payout figures for income protection as part of a long campaign by the Income Protection Task Force (IPTF).
Drewberry Insurance Tom Conner said that by giving customers easy access to the payout figures will reassure them that the majority of claims are paid out, which boosts consumer confidence and increased take-up of vital protection insurance products.
"Despite this claims paid tool, there are many other factors that need to be taken into account when purchasing insurance, such as the needs of the client, health, lifestyle and budget, so it is always best to speak to a qualified advisor before taking out cover," Conner added.