Posts Tagged ‘critical illness quote’
Critical Illness Claims Analysis for a Scottish Insurance Company
When looking deeper at the cancer claims, the most common causes of male cancer claims were testicular (10%), Lung (10%) and Hodgkin’s/Lymphoma (10%) and for females it was breast (53%), ovarian (5%) and cervical (5%).
The average age of a female claimant is 44 years, and the average age of a male claimant is 47 years. An average policy is held for nearly 5 years before a claim was made.
Richard Jones, protection market director at Scottish Widows, said:
“The need for financial protection for both the family and business has never been greater, especially with more families relying on two incomes and the increase in the number of people who are self employed. Yet lack of consumer confidence is contributing to people failing to take out the valuable protection that they and their dependants need.”
Through publishing its claims history, Scottish Widows illustrates that most crtical cover claims are paid and highlights the reasons why some claims are declined. Of the claims received during the 12 months from October 2006 to October 2007, 5% have been declined because the customer failed to disclose material information when the policy was taken out. A further 9% of claims were unsuccessful because the reason for making the claim was not actually covered by the policy definition. This is the second year Scottish Widows has increased the proportion of successful claims.
Results from the company show the firm paid over million in critical illness cover claims between the year ending November 2008.
On average, just over 0,000 was paid out each week, while just 2% of claims were refused because of non-disclosure, down from 5 % the previous year.
It is the third year in a row that the number of crtical life cover claims turned down because of non-disclosure has been reduced. The number of claims declined because they werent covered by policy was ten per cent.
Scottish Widows has announced that it paid 86% of the critical illness (CI) claims it received in 2007 – an increase from 84% the previous year.
This was equivalent to a payout of over m for 847 CI claims.
Of those that were declined, 5% were declined due to non-disclosure – down from 8.4% the previous year – and 9% were declined for failing to meet the policy definition.
The most common causes of claim were cancer, heart-related conditions, stroke, multiple sclerosis and children’s cover.
The average age of a male claimant 47 years and a female claimant was 44 years. Policies were held for nearly 5 years before a claim was made.
47 years, is the average of a male claimantr, compared to a female whom has an average age of 44 years.. An average policy is held for nearly 5 years before a claim was made.There has never been a better time to get a critical illness quote.