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Scottish Widows paid out £240m in the last ten years on critical illness claims

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Between November 2008 and October 2009 2010, Scottish Widows paid out an average of £587,000 each week on critical illness cover claims. This is equivalent to more than £30 million over the 12-month period, and 912 claims.

 

For the fourth year in a row, the number of claims turned down as a result of non-disclosure has reduced to 1.7% (2% the previous year).

 

Clive Allison at Scottish Widows says, "Over the last ten years we have paid out 6770 claims which means that many lives have benefited from the security our policies offer."

 

In 2009, the main three reasons for a claim were cancer, heart related illnesses and strokes. The average age for female claimants was 46, and 49 for men, with an average term of five years.

 

Cancer continues to be the main reason for a claim by both men and women. 78% of women made a critical illness claim for cancer, compared to 46% of men, with breast cancer affecting 52% of female cancer claimants and bowel cancer affecting 10% of men.

 

After cancer, the biggest gap in claims between men and women was for heart related claims; 35% of men made a claim, compared to 5% of women claiming for a heart related illness.

 

Main Male claims

  • Cancer - 46%

  • Stroke 10%

  • Heart related 35%

  • Other - 6%

  • MS - 3%

  

Main Female claims

  • Cancer - 78%

  • MS - 6%

  • Stroke - 5%

  • Heart related - 5%

  • Other - 6%

  

Critical illness cover is designed to insure against the most common types of severe critical illnesses and as a result not all critical illnesses or severity of illness are covered. The number of claims declined because they were not covered by the policy was 8.9%.

  

Critical illness insurance: News update: 25 August 2010

  

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