Friends Provident highlights importance of critical illness cover

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Friends Provident highlights importance of critical illness cover

Mon 12th Apr 2010

Financial services provider Friends Provident has stressed the importance of taking out critical illness cover after announcing that the organisation has seen an increase in the percentage of claims paid for the seventh consecutive year.

Ed Stuart-Brown, head of protection at the enterprise, pointed out that the sector is often criticised for not giving enough money to policy holders, but highlighted how Friends Provident handed over £34.5 million in cover to 578 people in 2009.

During that time period, the firm paid out on 92.6 per cent of the 624 cases it dealt with, rejecting 2.1 per cent due to non-disclosure and 5.3 per cent for not meeting the definition.

"What these figures show is just how valuable critical illness benefits are, very often a financial lifeline in difficult times," remarked Mr Stuart-Brown.

Last month, the organisation launched three online seminars for advisors, which will help them to explore business protection products.

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