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Home > Insurance > Protection

By Bruce Tang | Published Aug 22, 2012

Scottish Provident pays 93 per cent of CI claims

Scottish Provident has paid 93 per cent of critical illness claims in the first half of 2012, representing payouts of more than £43m in total, with 2 per cent of claims rejected for non-disclosure.

The largest payout to a single claimant was £1m and the average claims payout was £84,743. The youngest adult claimant was 22 years old and the average age of a claimant was 49 years old.

Sixty per cent of claims paid were for cancer, followed by heart attack at 16 per cent and stroke at 6 per cent.

Susan Barkley, head of marketing at Scottish Provident, said: “The diagnosis of a critical illness will have a financial as well as an emotional impact on a family and it is extremely worrying that negative stories could discourage people from taking out cover.

“We urge consumers to take the necessary steps in getting their finances in order. That means talking to an adviser and ensuring they have the right amount of financial protection in place. A financial payout is essential to help people to continue to make ends meet should their income suddenly stop due to a critical illness or disability.”

This follows news from last week (17 August) that the insurance company has had a 46 per cent increase in profits.

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