One in seven policyholders of income protection make a claim, and payout rates are more than 90 per cent.

At current payout rates, the bank's allocation will run out in less than six months.

Payout rates from annuities have been abysmal since the crisis, and this was one of the reasons why the government overhauled pension rules two years ago.

Some companies allow individuals to request more or less money (as needed) and have varying payout rates depending on the characteristics of the case at hand.