- Over £21 million paid in claims in 2024
- 100% of life claims paid for the second year in a row
- Statistics highlight customer value of key Guardian innovations
- Transparent reporting of declines designed to continue to grow industry trust
Guardian has today announced it paid £21,344,290 million in claims payouts during 2024 across 238 life, terminal illness and critical illness claims. This is an increase of 40% more paid out compared to Guardian’s figures for 2023 and is in line with the challenger brand’s rate of sales growth during its early years of trading.
The claims figures relate to products which have been in the market for 5 or more years.i Statistics for more recently launched products – including Income Protection and Life Essentials – are not included and will be featured once they’ve reached this trading milestone.ii
2024 claims high-level statistics
| Claim type | % paid | Total payout value | Number of claims | Average amount paid |
| Life | 100% | £6,719,696 | 50 | £134,394 |
| Terminal Illness | 94% | £4,916,015 | 32 | £153,625 |
| Critical Illness | 92% | £9,065,309 | 129 | £76,481 (full payout) |
| Children’s Critical Illness | 100% | £643,270 | 27 | £35,679 (full payout) |
A breakdown of the statistics for each cover type are shown in the 2024 claims report.
The report also includes details of the 13 claims Guardian declined and the reasons why. This disclosure is designed to support transparent industry discussion of what else could be done to bring the number of declined claims down, as well as to support advisers when helping clients apply for cover.
How Guardian’s innovations are making a difference
Life claims
It’s the second year in a row that Guardian has paid 100% of life claims. Of those, 56% of policies were paid using Payout Planner (Guardian’s beneficiary nomination), meaning the payout could be paid directly to the named beneficiary, bypassing probate and saving 4 months of time on average.
Terminal illness claims
Statistics for terminal illness claims are listed separately and reflect Guardian’s claims experience on its premier Life Protection cover, which has an enhanced terminal illness definition. This definition pays out on the definite diagnosis of incurable stage 4 cancer, motor neurone disease, parkinson-plus syndromes and creutzfeldt-jakob disease (CJD) regardless of the policyholder’s life expectancy.iii In 2024, 56% of the terminal illness claims that Guardian paid would not yet have met the industry-standard definition at the time of payout; a statistic clearly demonstrating the customer value of this enhanced definition.
Critical illness claims
Critical illness claims payout value saw a 24% increase year-on-year from 2023. Of the claims made, 81% were for the ‘big 4’ conditions of cancer, heart attack, stroke, multiple sclerosis. For these, Guardian’s definitions are designed to improve customer understanding and certainty, by relying simply on the definite diagnosis from a UK Consultant. Often, this simplicity translates to speed and for one claim paid during 2024, Guardian was able to pay on the same day.
Children’s critical illness claims
Guardian paid 100% of children’s critical illness claims. At Guardian, their Children’s Critical Illness Protection can be added to any adult policy. This innovation was designed to help more parents get cover for their children, even if they can’t have, or don’t want, critical illness cover for themselves. Of the 2024 children’s claims paid, 56% were attached to adult life cover only. On top of that, 7% were attached to Guardian’s more recently launched adult income protection only (launched in 2023). Given the comparatively young age of this book, this is a promising sign that the innovation is working as intended. These figures represent families that, if insured elsewhere, may not have had children’s cover in place.
Premium waiver claims
Premium waiver comes as standard on all Guardian’s policies. In 2024, Guardian paid 99% of all these claims, benefitting 283 policyholders. During 2024, the average monthly amount waived was £47.68.
Bespoke HALO support service
The report also brings to life the value of Guardian’s bespoke claims support service, HALO. It contains a number of real stories of how the HALO service – which draws on the expertise of Guardian’s support partners – personal nurse service, RedArc; legal charity, LegaCare; and specialist neurological occupational therapy service, Krysalis – has helped policyholders and their families during 2024.
Carlton Hood, Guardian’s CEO, said: “I’m extremely proud to publish our second claims report and to share how many families Guardian has helped during 2024. I’m particularly impressed when Guardian has had the courage to think differently, and to challenge established practice in order to do things better. As this report shows, it means customer outcomes are better when it matters most. I look forward to working with peers and colleagues across the industry, to continue to push the boundaries and innovate, for the benefit of all those who are touched by what we do.”
Jenny Binns, Claims Specialist Manager, Guardian, added: “What’s good about working in the claims team at Guardian is that our innovations help us better help our customers when they need us most. When policyholders or their families claim, they’re often sad, stressed, overwhelmed and vulnerable. They need our help. It’s not just about the money; it’s about the whole process of claiming for it as well as the support they receive.”
Source
i Products with claims reported include Life Protection, Critical Illness Protection, Children’s Critical Illness Protection (launched in August 2018), as well as Combined Life and Critical Illness Protection (launched in October 2019), which as of year-end 2024 have completed 5 or more full years of trading.
ii Products not reported due to less than 5 full years of trading include Income Protection (launched April 2023) and Life Essentials (launched January 2024). Also not reported are claims on Guardian Fracture Plus Protection (which closed to new business in May 2019).
iii Guardian is the only firm in the market to offer an enhanced terminal illness definition – which is available on its Life Protection (not on Life Essentials).
For full product details see our policy terms and conditions here: https://content.guardian1821.co.uk/literature/policy-terms-conditions.pdf
Please note the services offered under HALO don’t form part of the policyholder’s contract with us, and we can change or remove the benefits included at any time.
-Release ends-
Notes to editors:
Press enquiries to Natalie Robinson, 07789 501146, Natalie.robinson@guardianfs.co.uk.
Guardian Financial Services is an appointed representative of Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
All products are provided by Scottish Friendly Assurance Society Limited and we have an agreement with them to underwrite and issue the protection policies we distribute through the UK intermediary channel. As an appointed representative of Scottish Friendly Assurance Society Limited, Guardian Financial Services Limited is the market-facing brand under which we promote our proposition and engage with advisers.
Background to Guardian Financial Services, owned by Gryphon Group Holdings
Guardian, the life and protection insurance business, launched in 2018 and pledged to grow the protection market. The brand promise of ‘Life. Made Better.’ reflects the company’s commitment to rethink and reinvent protection for the better; making sure customers get cover that’s easier to understand, simple to buy and designed to never let them down.
Guardian’s business partners
Gryphon Group Holdings is majority owned by Punter Southall Group as the largest equity capital investor. Guardian partners with UnderwriteMe for its Underwriting Engine, Liss Systems, the UK arm of Nasdaq-listed EXL, for its policy administration technology, and Space, for its front-end technology, branding and marketing. Guardian’s reinsurance partners are Hannover Re, Gen Re and Swiss Re.