Scottish Provident Insurance says payment for critical illness cover increasing

Money News

www.moneynews.co.uk > Insurance > Scottish Provident Insurance says payment for critical illness cover increasing

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Scottish Provident Insurance says payment for critical illness cover increasing

The average payout on critical illness insurance is going up, while the age of the people who claim on them is coming down, according to Scottish Provident.

The average payout on Scottish Provident critical illness claims stood at £73,669 in January - June 2004, compared with £66,016 in 2002.

The total amount paid out by Scottish Provident is set to reach £60 million by the end of the year - the highest annual figure paid by the insurer in critical illness claims since their introduction in 1996. That is double the average yearly claims figure of £30million.

Meanwhile, the average age of claimants is now only 41, compared with an average age of 44 two years ago.

More than a quarter of all critical illness insurance claims paid by Scottish Provident in the first half of 2004 went to people under the age of 40.

Those aged between 40 and 49 were the biggest claims group, accounting for almost 40 per cent.

The number of people making a successful claim is also rising. From January to June 2004 Scottish Provident paid out on more then 3,600 claims, compared with just over 2,000 claims in the previous six months.

Sue Wilkinson, head of life and health propositions at Abbey, said: "The last thing anyone wants to worry about when they suffer a critical illness is money.

"By telling people about the amount we pay out and the types of illnesses that people claim for, we can show the true value of critical illness cover- the claims figures speak for themselves.

"This research shows that critical illness cover is worthwhile and that it does exactly what it's supposed to do and pays out when people need it most."

Related News : Insurance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Santander

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet