How many claims did Scottish Widows pay out in 2019?
Scottish Widows paid out 9,635 claims during 2019. This meant 98.2% of claims received were paid. More than £212 million was paid out in total making an average of over £4m per week.
Scottish Widows paid 99.4% of life claims representing 7,961 payments. These latest statistics show an increase in approved cases, compared to 7,908 life claims in 2018.
The total amount paid out in life claims was £128.1 million, with £13.4 million paid in terminal illness claims.
The average life claim paid was £42,843, and the highest individual claim was over £566,616.
Critical illness claims
Scottish Widows paid 93% of critical illness claims (1,674 claims) in 2019. Again, these statistics show an increase in claims paid in 2019. As 1,591 critical illness claims were paid in 2018.
The total amount paid out in critical illness claims was £84 million.
The main reason for women making a claim:
- Cancer (74%)
- stroke (7%)
- heart attack (4%)
- multiple sclerosis (4%)
The main reason for men making a claim:
- cancer (53%)
- heart attack (19%)
- stroke (10%)
The average critical illness claim paid was £50,181 and the highest individual claim was £501,189.
Scott Cadger, head of protection underwriting and claims at Scottish Widows said: “Maintaining a 98% rate of claims paid out is something we are very proud of as this shows we continue to make a positive difference to the lives of thousands of our customers and their families.
“Our research shows that it’s a widely held belief that the majority of critical illness claims are not paid out. We hope that these figures will help build confidence with the public and reassure them that having life or critical illness cover can really make a difference at the most challenging of times.”
Source: Cover Magazine April 2020
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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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Interested in related stories
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- The Importance of putting your policy in Trust
- What questions will I be asked when I speak to an adviser about Life Insurance?
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