You are now departing from the regulatory site of Censeo Financial

×

More news about critical illness claims

5 March, 2013

A serious illness, such as cancer or heart attack, affects one-in-four women and one-in-five men before retirement age. Yet few people have critical illness insurance, which is designed to ease financial pressures by paying a tax-free lump sum should you become seriously ill or totally disabled.

It’s been recently revealed that Scottish Provident paid 93% of all critical illness claims it received in 2012, up from 91 per cent the year before. The insurer received a total of 1,060 claims in 2012, compared to 1,091 in 2011. Of the 7% which were not paid (a total of 82), 64 were as a result of not meeting the insurer’s conditions and 18 were as a result of non-disclosure.

In total, Scottish Provident paid out £94.3m in Critical Illness claims, compared with £90m the year before. In 2012, the average payout was £88,975, up from £82,000 in 2011, with the largest claims being £1m and £945,000, respectively.

The average age of claimants in 2012 was 48 while the average amount of time a policy had been in force before a claim was made was nine years and four months in 2012.

Around 60 per cent of claims paid were as a result of cancer, followed by heart attack, stroke and multiple sclerosis.

Should you click on any of the links above, you will leave the regulatory site of Censeo. Neither Censeo nor First Complete Ltd is responsible for the accuracy of information contained within the linked site.

Censeo Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. Censeo Limited is registered in England and Wales, company registration number 06453977, the Registered Address 11b Newton Court, Pendeford Business Park, Wolverhampton, WV9 5HB.

We will charge a broker fee of between £295 and £495, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.

Your home may be repossessed if you do not keep up repayments on your mortgage.

© 2008-2014 Censeo Ltd. All rights reserved. Data Protection Declaration & Privacy Policy | Company Information | Contact Us

SiteLock