Legal & General has published its critical illness claims figures for 2008:
93% of claims paid (up from 88%)
Just 4% of claims declined for non-disclosure (down from 8%)
£146million paid in claims (up from £110 million)
Average claim is over £70,000
Bernie Hickman says, “This is evidence that Legal & General pays out when customers need it most, which is what really matters to a policyholder. Our claims history demonstrates that the measures taken to reduce declined critical illness claims are working. In the last five years alone we have paid out almost £500m in critical illness claims to our policyholders.”
Over 2000 claims were paid out in total with the largest claim amounting to £550,000.
£215 million was also paid on life insurance claims, representing 98% of claims received, benefiting over 4800 families.
Critical illness insurance: News update: 12/03/2009