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Critical illness payouts continuing to rise

More critical illness claims were paid out than ever before in 2009, as the problem of non-disclosure continued to be eradicated, a new survey from Investment Life & Pensions Moneyfacts has revealed.

According to the research, insurers paid out an average of 90.5% of all critical illness claims last year, up from the figure of 88.4% reported by LifeSearch in 2008. When the clamour for claims statistics to be published first began six years ago, the figure was closer to 75%. Nine of the 12 providers listed either improved on or maintained the level of payouts they achieved in 2008.

Legal & General was found to have paid out the highest proportion of claims during 2009 (93.6%), closely followed by AXA and Bright Grey (93%). The number of claims rejected for not meeting the definition of the illness set out in the policy was found to have dropped to 7.6%, down from 9.1%. However, even more encouraging was that just 1.9% of claims were rejected on the basis of non-disclosure, where the claimant has been adjudged to have withheld pertinent information during their application for the policy, compared with 2.5% in 2008.

Critical illness statistics of % of claims paid in 2009;

Aegon

88%

 

Aviva 

89%

 

AXA 

93%

  

Bright Grey 

93%

  

Bupa 

88%

  

Friends Provident 

92.6%

  

Legal & General 

93.6%

  

LV= 

90%

  

Royal Liver 

86%

  

Scottish Provident 

91.3%

  

Skandia 

91%

  

Zurich 

91%

  

Average 2009 

90.5%

  

Average 2008 

88.4%

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Critical illness payouts continuing to rise
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