Guardian paid £15,333,395 in claims in 2023 to 150 families consisting of over £7.5m in life and terminal illness claims and over £7.5m in critical illness and children’s critical illness claims.
It also paid a further 117 Premium Waiver claims.
It is the first set of claims statistics released since the firm launched in August 2018 and represented claims made on Guardian’s Life Protection, Critical Illness Protection, Combined Life and Critical Illness Protection, and Children’s Critical Illness Protection.
Claims statistics for Guardian’s more recently launched products – including Income Protection and Life Essentials – were not included and will be published on completion of five full years of trading.
Guardian’s claims report showed that the brand paid 100% of all its life and terminal illness claims, as well as 92% of all its critical illness claims and 92% of its children’s critical illness claims.
To encourage transparency, Guardian also published the reasons why a small proportion of its critical illness claims were declined.
Of these, most of the declines were as result of misrepresentation.
In these cases, this meant that cover would not have been offered in the first place, or cover would have had to be postponed if the disclosure had been made.
Katya MacLean, Guardian CEO, said: “Publishing Guardian’s first claims report is a very special moment.
“It’s now been over five full years since we entered the protection market, and since day one our aim has been to design policies that provide certainty and support at claim.
“The fact that we’ve paid 100% of our life and terminal illness claims and 92% of our critical illness claims, shows that Guardian is doing what it set out to do – being there, paying claims, when our customers need us most.
“For us, claims are everything and we hope this report plays a role in providing confidence in our products and increasing trust in our industry.”
