Critical Illness Claims Data From Standard Life and Scottish Provident

Critical illness cover may be one among the most sought type of insurance worldwide. Millions of people in the UK may possess a critical illness cover. While some have bought critical illness cover to protect their families some might have also preferred to secure their mortgage. The sales of standalone critical illness policies may have been slow and less in the UK. On the other hand accelerated critical illness policies, especially with mortgage may have made a rather big impact in the insurance market in the UK.

Let’s have a look at some of the critical illness claims statistics released recently by Standard Life.

Standard Life may have paid around GBP 9.8 million in approximately 184 critical illness claims during the mid of July 2006. It also stated that the average claim value may have been approximately GBP 53,546. Also, the biggest amount of critical illness claim paid may have been about GBP 300,000. Moreover, 60 percent of people aged 40-59 followed by around 32 percent aged 0-39 may have all made critical illness claims. Also around 8 percent of critical illness claims may have been recorded due to people over the age of 60. Furthermore, around 52 percent of claimants could have been women while about 42 percent could have been men. Finally, two child benefits claims could have been awarded for leukemia.

Additionally, Standard Life may have also unveiled its various causes for most critical illness claims. The results showed a critical illness like cancer on the top spot with around 60 percent claims followed by heart attack with around 11 percent claims. At the same time, critical illness claims may have been received for three other cases. These could have been multiple sclerosis with 8 percent claims, stroke 4 percent and benign brain tumour 3 percent. Furthermore, 14 percent of critical illness claims may have been turned down. Around 8 percent may not have met policy definitions while the remaining 6 percent could have been due to non disclosure.

Another company named Scottish Provident had recently published its statistics concerning critical illness claims. Scottish Provident affirms that around GBP 169 million may have been paid as critical illness claims. Also, the average amount of money paid as claim might have been around GBP 70,425. The claimants may have had an average age of 42 while the average time the policy was in force could have been about 3 years. Furthermore, around 55 percent of people may have suffered from a critical illness such as cancer, around 13 percent may have contracted heart attack, nearly 5 percent may have been affected by a critical illness like stroke, about 4 percent may have been victims of Multiple sclerosis, approximately 4 percent may have been patients of heart surgery and finally 19 percent could have contracted other critical illnesses.

If the two set of data provided by the two companies is compared, a similarity about the critical illness cancer may be noted. Cancer may have made many victims especially women, who might have suffered from breast cancer. Otherwise heart attack may have brought the second most considerable rate of critical illness claims. So, critical illness cover may protect you from these illnesses as in fact their incidence rates may be higher if compared to other illnesses.