Friends Provident: Critical illness claims amount to £36 million

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www.moneynews.co.uk > Insurance > Friends Provident: Critical illness claims amount to £36 million

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Friends Provident: Critical illness claims amount to £36 million

Friends Provident's critical illness cover policyholders have benefitted from payments totalling £36 million in the past year, the insurer has revealed.

Out of 691 claims for critical illness received last year, Friends Provident paid 87.3 per cent of them and declined to pay 12.7 per cent, with the average critical illness payout amounting to £59,000.

Friends Provident revealed that more than half of the payments it made were for cancer and the average age of the claimants was 44 years.

Mark Jones, head of protection at Friends Provident, said: "The industry is working hard to restore consumer confidence in insurance and belief in whether claims are paid.

"It is after all the reason that people purchase cover to protect themselves and their loved ones."

Recent research by LV= suggested that many people will be cutting down on the amount they spend on insuring themselves this year, in an attempt to keep their living costs low.

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