Life Insurance  

Scottish Widows pay outs on 99% of life claims

Scottish Widows paid out on 99 per cent of life and 90 per cent of critical illness claims in 2013, according to its newly released annual statistics.

Life claims paid have totalled over £129m or almost £2.5m on average every week in 2013. Critical illness claims paid over the same period total over £83m or almost £1.6m on average every week.

The percentage of critical illness claims declined due to non-disclosure was 2.5 per cent and claims where the definition was not met was 7.5 per cent, the firm added.

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According to Scottish Widows, an average of over £4m was paid out every week in 2013 in claims and since January 2000 the total combined amount paid to customers is over £1.7bn.

Looking at the number of claims paid since 2000, there have been over 34, 311 individual claims paid for life cover and over 16,122 for critical illness cover.

Nearly half (46 per cent) of life claims made in 2013 were as a result of cancer, followed by heart related conditions (20 per cent). For critical illness, the main three reasons for making a claim remain cancer (66 per cent), heart related illness (15 per cent) and stroke (7 per cent).

Esther Dijkstra, head of protection at Scottish Widows said: “We are committed to protection as a business and developing the best products for the market so that more people have adequate protection. It is vital that people do evaluate their needs regularly as their circumstances change.”