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Friends Provident paid out £36 million in critical illness claims during 2008

Friends Provident

In 2008 Friends Provident paid out £36 million on critical illness claims.

 

Of the 691 claims received, 87.3% were paid and 12.7% were declined. The percentage of claims declined due to non-disclosure fell by nearly 40% to 4%. 8.7% of claims were declined due to the definition not being met.

 

  • Over half of claims paid were for cancer

  • The average critical illness payout was over £59,000

  • The largest claim paid in 2008 was £0.5 million

  • The average age of a claimant was 44 years

  • The average length a policy was in force for all claims received was 4.5 years

  • The youngest claimant was aged 21, the claim was for cancer and the payment was £66,000

 

Breakdown of main causes of claims: 

  • Cancer

  • Cardiovascular

  • Stroke

  • Multiple sclerosis

  • Children’s critical illness

  • Benign brain tumour

  • Others

55%

12%

5%

4%

4%

3%

17%

  

Critical illness insurance: News update: 25/02/2009

 

Related links

  • Friends Provident - company profile