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Skandia pays 92% of critical illness claims and 100% of life

Skandia

The latest critical illness and death claims (to July 2009) from Skandia show that it has paid out 92% of critical illness claims made so far this year. Those not paid were due to the illness definition not being met.

 

Skandia’s robust underwriting system is in part responsible for no claims being turned down due to non-disclosure. By offering a help-line, online support and a thorough medical disclosure form, Skandia helps policyholders disclose as much information as possible to ensure the best possibility of a future claim being paid out.

 

Since 1992 Skandia has paid 2,575 claims on its critical illness policies, totalling over £256 million. Cancer and heart attacks are the illnesses most commonly claimed for with £129 million in cancer claims and £46 million in heart-related claims to date.

 

The two most common types of cancer claims are breast cancer (28%) and prostate cancer (10%). At the time of a cancer-related claim the average claimant is 49 years old and has held their policy for just under six years. 60% of heart-related claims are for heart attack, with coronary artery bypass surgery second (20%) and angioplasty third (11%). The average claimant for a heart attack is aged 51 and has had a policy for six years.

 

The critical illness policy automatically includes children’s cover. Skandia has paid out over £2 million for children’s claims. Cancer (65%) is the most claimed for child illness followed by bacterial meningitis (9%) and benign brain tumours (5%). On average, a child is seven years old when a claim is made.

 

Skandia has also paid 100% of Skandia Protect life cover claims (to July 2009) so far this year.

 

Ian Brown at Skandia explains, "No one would ever wish to be in the difficult position of needing to make a critical illness claim. As a provider of critical illness cover, we need to make the claims process as straightforward as possible and minimize the chance of the claim being denied. We have had no claims denied this year due to non-disclosure. This means that policyholders are more likely to file a successful claim when they are suffering from a critical illness and are therefore more likely to get the money they may need at a difficult time.”

   

Critical illness: News update: 29 October 2009 

 

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