Scot Wids uses National Heart Month to promote protection

There are an estimated 2.3 million people in the UK living with coronary heart disease, making it’s the biggest cause of mortality, with around one in six men and one in ten women dying from the disease.

Heart-related disorders were the second largest cause of life cover and critical illness claims at Scottish Widows in 2014, accounting for 20 per cent of life cover claims and 17 per cent of critical illness claims.

The provider paid out more than £31m for these claims – the equivalent of £119,000 every working day that year.

Scott Cadger, head of underwriting and claims strategy at Scottish Widows, said while no one can predict what the future holds, plans can be put in place to help deal with difficult situations.

He said: “Only 37 per cent of people in the UK have life assurance and just 13 per cent have critical illness cover, but financial protection is something that everyone should consider to take away some of the hardship that might follow such difficult circumstances.”

Only 37 per cent of people in the UK have life assurance and just 13 per cent have critical illness cover. Scott Cadger

Advances in medicine mean that serious conditions are now being diagnosed earlier and an increasing number of people are surviving illnesses that previously were fatal, stated Scottish Widows.

This increases the need for critical illness cover, which can provide a lifeline to those who are recovering from an illness, it added.

In October, the insurer unveiled details of its new protection product range, which will include reducing, relevant and increasing term life, stand-alone critical illness and life with critical illness plans.

peter.walker@ft.com