The most common reason for income protection claims were musculoskeletal conditions, making up a third – which is a rise from a quarter – figures show.
According to individual income protection provider Cirencester Friendly, this overtook accidents as the largest single cause for claims for both female and male members. Accidents made up 21% of claims.
The report found that those aged 17-26 made up around 31.9% of musculoskeletal claims.
Musculoskeletal conditions include back, neck and shoulder issues as well as arthritis.
Cirencester Friendly added that musculoskeletal conditions and arthritis account for around a third of claims for both men and women.
However, the firm said that just over 10% of claims from women were for mental health issues like depression – more than twice the rate from men, at 4.7%.
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Cirencester Friendly said this could show that men struggle to seek support.
The report noted that the company had paid around 95.8% of its claims, which is in line with last year’s figure.
The total number of claims considered came to 1,414, 15% up on last year, and the total paid to members stood at £10m.
Across the year, 60 claims were declined, with over half declined due to continuing income, and the others rejected because of non-disclosure, no proof of income, another insurance policy coming into effect or unemployment.
The average age of male claimants was 40 and female claimants’ average age was 42. Some 47.5% of claims were from millennials aged 27-41.
The average length of a claim was 62 days and the average annual payment was £4,757.
Michelle West-Wiggins, Cirencester Friendly’s director of customer experience, said: “Our latest claims figures reflect our core objective to be there when members need help the most. The fact that there is almost 50 years difference between our oldest and youngest claimants shows protecting your income is important no matter what age you are or what job you do. Anyone can have an accident or suffer ill health.
“Almost half of claims were from millennials, who are most likely to have young families to support. They are likely to have high fixed outgoings, and being unable to work for one or two months can have a severe impact on their finances, not just while they are ill or incapacitated but for years to come. Providing essential cover to pay the bills, avoiding the need to rack up significant debts, can make a huge difference to their future and protecting their livelihoods.”
