A leading life and critical Illness insurer declares to have paid out £1.15 billion in claims since the year 2000.
In the last 11 years, Scottish Widows claims to have paid over 30,800 life and critical illness claims, amounting to £728 million and £426 million respectively for the insurance company.
Every week since 2000, Scottish Widows says they have paid out £1.27 million in life and £744,000 in critical illness claims, equating to £2 million a week.
ìSince 200 we have helped over 30,000 families who have made either life or critical illness claims,î said Clive Allison, Scottish Widows market director.
ìThis industry has come a long way over the last few years to raise awareness of the importance of having adequate protection in place and confidence among consumers that life companies will pay out when a claim has increased.î
Life Insurance Claims
Their research shows over half of claims made on life insurance since 2000 were as a result of cancer – this is followed by heart related problems which affected 16 percent of these claims.
Cancer was the reason for 64 percent of claims in female cases, while cancer was the cause for 47 percent of males to claim on their life insurance.
Heat related claims accounted for eight percent of cases in females and 21 percent for males. The average age of a claimant was 55 years old for both males and females, the research found.
Critical Illness Cover Claims
The three main reasons Brits claim on critical illness insurance remain to be cancer, heart related illnesses and strokes, which account for 59.9 percent, 20.3 percent and 7.4 percent of cases respectively.
Cancer was the cause for 46.1 percent of males to claim on critical illness cover, heat related illness accounted for 5.5 percent of claims and 5.1 percent was for a stroke. The average female claimant was revealed to be 46 years old compared to 49 years old for the average male.
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