Critical Illness claims statistics full year 2006:
Key highlights:
- 360 claims paid worth a total value of 18.7 million
- Marked reduction in declined claims, down to 7.5%
- Average claim value 52,138
- Largest claim paid 500,000
- 64% of claimants were aged between 40 and 59
- 33% of claimants were aged under 39
- 3% of claims were made by people over 60
- At the time of claim, 72% of policies were in-force for more than four years
- 53% of claimants were female and 47% were male
The top five causes for claims during 2006 were:
Cancer 60%
Heart attack 11%
Multiple Sclerosis 8%
Stroke 4%
Benign brain tumour 3%
Other 14%
7.5% of claims were declined in 2006:
For comparison, in 2005, Standard Life declined 18% of claims:
Mick James, Protection Marketing Manager, Standard Life Assurance Limited, says: “There is often a stigma associated with Critical Illness plans that they don't pay out, yet we paid over 90% of our customer claims last year. These people did not need the added worry of financial stress at a time when their health needs to be their top priority. While there has been a dramatic reduction in the number of declined claims in 2006, it is too early to say whether this is a trend. Our work to improve the questions being asked on application forms and the additional warnings highlighting the need for full disclosure by customers is starting to reap benefits in fewer claims being declined."
Standard Life Claims Philosophy:
Customer Service - our aim is to pay valid claims promptly and efficiently to help our customers in time of special need
Fairness - we will assess claims in a fair and consistent way. To be fair to all policyholders, we will not pay invalid or fraudulent claims
Confidentiality - claims will be handled in a secure and confidential environment
Regulation and Compliance - we will comply with all appropriate legislation, Association of British Insurers code of practice, and will be bound by the decisions of the Financial Ombudsman
Critical illness: News update: May 2007
