You’ll have to excuse me if you feel I ‘bang on’ about critical illness claim statistics too much.
The reason I mention it so much is that I know first hand what a devastating impact not having sufficient cover can have. I’ve simply seen too many case studies of families that did not have enough cover in place and then they’ve had to cope with an illness and the financial impact of either a loss of income or the financial and emotional burden they now face because of their illness.
When cover is in place, it really can mean all the difference:
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it can give you time to cope with the illness
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it means you and your family have one less thing to worry about
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You can decide when to return to work, rather than feeling under pressure
Scottish Provident have just announced their claim stats for Jan-Dec 2008. They were:
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they paid £114.8m in claims
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they had 1514 claims submitted
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86.7% of these claims were successful
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the average payout was £75,750
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the largest claim value was £552,487
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the average age of a claimant was 44
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the average time a plan was in force prior to a claim was 73 months
Of the 233 unpaid claims:
- 180 were declined as the illness did not meet Scottish Provident’s critical illness definition
- 53 were declined due to the discovery of material non-disclosure at the time the plan was taken out
82% of the £114.8m was paid out for claims for cancer, heart attack and stroke. There were 65 claims under children’s benefit, where the payout totalled £1.2m.
Under the cancer claims, £22.8m was paid out for breast cancer, £5.1m for bowel cancer and £2.6m for prostate cancer.
Other successful claims were for benign brain tumour and angioplasty.
If you feel you might be under-insured, please take action and make sure you do something about it!
Summer is Here!
The last few weeks have seen the clocks change and the weather has definitely turned for the better.
The weekend was spent in the garden getting the furniture ready and plotting a new patio that we’re going to put in at the bottom of the garden.
I don’t know about you, but when the sun is shining all day it does make a difference! If it didn’t, why do so many people look at emigrating to warmer climes every year?!
So, enjoy the sunshine!
About Ray Prince
