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Standard Life publishes critical illness insurance claims analysis

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Standard Life paid out £9.8 million in 184 critical illness claims in the first half of 2006:
 
  • The average claim value was £53,546
  • The largest claim paid was £300,000
  • 60% of claimants were aged between 40 and 59
  • 32% of claimants were aged between 0 and 39
  • 8% of claims were made by people over 60
  • 58% of claimants were female
  • 42% were male
  • Two child benefit claims were paid-both for Leukemia

The top five causes for claims were:

1. Cancer 60%
2. Heart attack 11%
3. Multiple Sclerosis 8%
4. Stroke 4%
5. Benign brain tumour 3%

14% of claims were declined, of which 6% because the claim did not meet policy definitions and 8% due to non-disclosure.

Mick James, Protection Marketing Manager, Standard Life Assurance Limited, says: “Critical Illness policies continue to play an important role. These policies are designed to pay out in the event of life changing events.”
 

Critical Illness Insurance : News update: November 2006

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