Since January 2000 the total combined amount paid by Scottish Widows is over £1.15 billion, which equates to over £2 million each week, on life and critical illness claims.
Life claims totalled over £728 million and critical illness claims paid total £426 million. There have been over 20,270 individual claims paid for life cover and over 10,560 for critical illness cover.
Clive Allison of Scottish Widows comments, "We have helped over 30,000 families who have made either life or critical illness claims."
Looking at life claims, 54% were as a result of cancer, followed by heart related (16%). Split by gender, cancer was the reason in 64% of cases for females, and 47% for males. Heart related claims accounted for 8% for females and 21% for males. The average age of a claimant for both male and female was 55 years.
For critical illness, the main three reasons for making a claim remain cancer (59.9%), heart related illness (20.3%) and stroke (7.4%). Amongst males, 46.1% of claims made were for cancer, 34.9% for a heart related illness and 9.8% for stroke. 77.7% of claims among females were for cancer, 5.5% for a heart related illness and 5.1% for stroke. The average of a male claimant was 49 years and for a female claimant 46 years.
Life insurance news: 3 May 2011