Scottish Provident’s critical illness claims report released today reveals it paid out over £88 million to critical illness policy holders during 2010. The report shows that 90 per cent of all claims made in 2010 were paid, and just three per cent of claims were declined due to non-disclosure.
The report reveals that the average payout during the year was £84,873 with the largest claim being a payment of £1,090,362. The average age of claimants in 2010 was 46 years old.
During the course of the year over £57 million was paid out for cancer claims and over £9 million in claims for heart attacks. Cancer accounted for 63 per cent of total claims paid, with heart attacks making up 12 per cent of the claims. Women accounted for 60 per cent of cancer claims, compared to only 40 per cent of men.
Susan Barclay, Head of Marketing, Scottish Provident said:
“When they first bought critical illness cover it was for peace of mind, but last year over 1000 individuals and their families benefitted from that cover providing a financial safety net to help maintain their financial stability.
“Our report also highlights that the average age across all illnesses is 46 years old, showing how important it is for the working generation to give more thought to protecting themselves and their families in the event of a long term illness.”
During 2010, Scottish Provident paid out almost £1 million for children’s critical illness. Overall children’s critical illness was the fifth highest claim paid, behind cancer, heart attack, multiple sclerosis and stroke.
Susan Barclay added: “No parent likes to think that their child will ever suffer from a critical illness; however, being prepared for this eventuality provides comfort and peace of mind should this happen.”
Source : Scottish Provident Press Release
