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Scottish Provident paid £88 million for critical illness claims in 2010

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Scottish Provident paid out £88,098,337 to critical illness policyholders during 2010. 90% of all claims made in 2010 were paid, and just 3% were declined due to non-disclosure.

 

The average payout was £84,873 with the largest claim being £1,090,362. The average age of claimants was 46.

 

£57 million was paid out for cancer claims and over £9 million in claims for heart attacks.  Cancer accounted for 63% of claims, with heart attacks making up 12%.  Women accounted for 60% of cancer claims, compared to only 40% of men.

 

Susan Barclay of Scottish Provident says, "When they first bought critical illness cover it was for peace of mind, but last year over 1000 individuals and their families benefited from a financial safety net to help maintain their financial stability.”

 

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.

Critical illness insurance news: 6 April 2011