Skandia pays vast majority of critical illness claims

Skandia has paid 88% of its critical illness claims that it received between the time the product started in May 1991 to February 2007.

 

In total, 12% of claims were not paid with only 2% being rejected due to non-disclosure. The remaining 10% were turned down because the definition was not met.

 

Cancer remained the critical illness most commonly claimed for, accounting for 59% of claims and payouts totalling £90.8m. This was followed by heart attack (15%), heart surgery (8%) and stroke (7%).