Scottish Widows has published its protection claim statistics for 2018, which show they paid out 99.3% of life claims and 94.1% of critical illness claims – more than £208m in total.
According to the Association of British Insurers, Scottish Widows claim payments for life and critical illness cover were 99.3% and 94.1% respectively.
More than £208m was paid out in total – an average of over £4m per week.
- The total amount paid in life claims was just under £136m, with £10.9m paid in terminal illness claims
- 52% of all claims for women were as a result of death from cancer, compared to 44% of men
- Heart-related claims accounted for 22% of cases for men, compared to 12% of cases for women
- The average life claim paid was £43,221 and the highest individual claim was over £1.2m
- The total amount paid for critical illness claims was £72.5m, with cancer as the main reason for women making a claim (73%), followed by multiple sclerosis (6%), stroke and heart attack (both 5%)
- For men, the main reason for claims was also because of cancer (51%), with the second most common cause being heart attacks (20%)
- The average critical illness claim paid was £45,593 and the highest individual claim was just under £622,000
Scott Cadger, head of protection underwriting and claims strategy at Scottish Widows said “We are proud of not only the claims we’ve paid but the difference we make to the lives of our customers every day. Providing security to families at some of the most challenging times of their lives is the most important part of our job.”
“These results are testament to our continued support of customers and the financial safety net we as insurers provide, helping families during such a difficult time in their lives. It may surprise people that the majority of claims are paid out and I hope these figures help to dispel the myth that insurers don’t pay out when customers need them most.”
Source: Cover Magazine April 2019
If you are interested in arranging protection insurance it really can pay to take expert advice.
Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.
Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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