Navigation Links
Scottish Widows Releases Critical Illness Cover Claims Figures
Date:5/29/2009

Scottish Widows paid over £28m in critical illness cover claims between November 2007 and October 2008, Only 2% of critical illness claims were declined due to non-disclosure, The three main reasons for claims - cancer, heart related and stroke

Edinburgh, UK (PRWEB) May 29, 2009 -- Scottish Widows, one of the most trusted brands in life insurance*, has today published details of its critical illness cover claims, showing that between November 2007 and October 2008 an average of £543,000 was paid out each week. This is equivalent to more than £28 million over the 12 month period.

For the third year in a row, the number of claims turned down as a result of non-disclosure has reduced, with it now down to 2% (5% the previous year).

Richard Jones, Head of Protection at Scottish Widows commented, "We're pleased to have increased the claims we've paid and to have significantly reduced the number of claims declined due to non-disclosure. This reduction in non-disclosure can be put down to a number of factors including the adoption of the Association of British Insurers Code of Conduct on non-disclosure, which has increased the number of proportionate claims that are paid. In addition to this, we've simplified application forms and processes and also produced literature to help Financial Advisers and customers understand the importance of disclosing all relevant information."

Over the course of 2008, the main three reasons for a claim were cancer, heart related and stroke. The average age for female claimants was 45, with men three years older at 48.

The average term of policy at claim is five years and cancer is still the main reason for a claim by both men and women, with breast cancer affecting 51% of female cancer claimants and testicular cancer affecting 10% of males.

Cervical (5%), ovarian (5%) and malignant melanoma (5%) were the other most claimed for cancers for females, whilst for men it was Hodgkin's/Lymphoma (9%) and lung cancer (9%).
Critical illness cover is designed to insure against the most common types of severe critical illnesses and as a result not all critical illnesses or severity of illness are covered. The number of claims declined because they weren't covered by the policy was 10%. Scottish Widows are working to reduce this figure by ensuring they are transparent about what is covered in all communications and conversations.

Richard Jones added,
"Critical Illness cover is extremely important, no matter what the economic climate, as illness can affect us at any time. At Scottish Widows, it's our aim to raise awareness of the benefits of critical illness cover. We want to play a key role in helping people take control and prepare for the unforeseen, being there to support and provide them with money when they need it most."

Scottish Widows provide a wide range of financial services including life insurance, pensions and individual savings accounts (ISAs).

###

Read the full story at http://www.prweb.com/releases/2009/05/prweb2466764.htm.


'/>"/>
Source: PRWeb
Copyright©2009 Vocus, Inc.
All rights reserved

Related medicine news :

1. Drink and drugs fuel Scottish suicide and homicide rates
2. American Airlines and Texas Scottish Rite Hospital for Children Host Annual Amputee Ski Trip
3. Cancer widows are often emotionally isolated
4. Cleveland Clinic Press Releases Journal-Writing Book Write for Life: Healing Body, Mind, and Spirit Through Journal Writing by Sheppard B. Kominars, Ph.D.
5. Leading Child Abuse Center Releases Back to School Tips to Protect Children From Internet Predators
6. JHA Releases 2007 U.S. Group Disability Mid-Year Market Survey Results
7. Verdict One Releases Directory of Board Certified Attorneys for Consumers
8. Academy releases emergency preparedness tools to enable millions more people to shelter in place
9. Provectus Pharmaceuticals, Inc. releases summary results of phase 1 metastatic melanoma study
10. MITEM Releases Blue Iris eLaborate 8.6
11. Produce for Better Health Foundation Releases Statement on Study Saying Fruit & Vegetable Consumption Not Strongly Associated With Colon Cancer Risk
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... 12, 2016 , ... The Journal of Pain Research has seen ... SJR uses data taken from the Scopus database (Elsevier B.V.) and is a measure ... by the journal over a three year period and also the importance of the ...
(Date:2/11/2016)... ... 11, 2016 , ... The president released a FY 2017 budget request on ... more of the cost burden to military beneficiaries. , MOAA’s president, retired Air ... budget as including limited quantifiable benefit fixes mixed with numerous beneficiary fee hikes. , ...
(Date:2/11/2016)... ... February 11, 2016 , ... Hall Integrative Health and ... for their simultaneous grand openings in March. All seven practices are set to ... wondering, is reversing diabetes possible? According to this 2011 CNN article it is ...
(Date:2/11/2016)... ... 2016 , ... Thermi™, a world leader in thermistor-regulated energy ... promotions of Allison Kelly to executive vice president of the company’s new North ... North American capital sales, and Wendy Oseas to vice president of global marketing. ...
(Date:2/11/2016)... ... 11, 2016 , ... Atlantic Information Services, Inc. (AIS) is ... Case Study for Plans and Purchasers.” Executives from Intel Corp. and Providence Health ... value-based health benefits program Connected Care, will discuss the challenges they faced (and ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... Ill. , Feb. 11, 2016  AbbVie, ... the AbbVie Rheumatology Scholarship, designed to provide financial ... disease as they pursue higher education goals. Fifteen ... for the 2016-2017 school year. The AbbVie Rheumatology ... Tracie Haas , vice president, corporate social responsibility, ...
(Date:2/11/2016)... Feb. 11, 2016  Community pharmacists can help improve ... the pharmacy through a custom-built medication synchronization program, Cardinal ... and owner at Schieber Family Pharmacy in ... a lot of patients enrolled in this medication synchronization ... a win for the patient, and it,s a win ...
(Date:2/11/2016)... , Feb. 11, 2016 Scientists from ... method that opens the door to genetic analysis ... have been impossible to isolate with 100 percent ... specific tumor types in various stages of development, ... of these cells that are clinically relevant, and ...
Breaking Medicine Technology: