Scottish Widows' Critical Illness Claims
Article published on 27th May 2008
Insurance company Scottish Widows has released a report of its critical illness claims history recently. From 2000 to October 2007 the company has apparently paid out over 150 million pounds on over 4,540 claims on critical illness insurance policies. From January 2007 to October of the same year the company paid out an impressive 29 million pounds through 847 claims.
95% of all claims came under only 5 categories of critical illness cover, with cancer leading the group at 61% of claims, followed by coronary conditions at 21%, strokes at 7%, MS at 4% and children's cover at just 2%. Of the claims made that year 5% were declined because the policy holder did not reveal all relevant medical details when the policy was taken out, and another 9% of claimants did not receive payouts because their conditions were not included in their policy definitions.
On average, policies were held for 4 years 11 months before any claims were made, and the average age for male claimants was 47 years old, while female claimants averaged out at 44 years old.
These should be viewed as relatively positive figures, coming as they are from an industry leader in insurance, and could be used (at least in part) as reasonable measure to assess other insurance firms.
Please see our company information about Scottish Widows.
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