The report shows that 93% of all critical illness claims were paid, with just 2% of claims declined for non-disclosure.
The average pay out was £88,975, with the largest claim for £1 million. With nearly £57 million paid out for cancer claims it remained the top reason for making a critical illness claim, accounting for 60% of all claims. Of the 31 different types of cancers claimed for, a third of all cancer claims were for breast cancer.
Jennifer Gilchrist, senior product development manager, Scottish Provident said:
“As the most common cancer in the UK it comes as no surprise that breast cancer accounts for a third of our cancer claims. On the positive side improved treatment and early diagnosis means that survival rates for this type of cancer are set to increase by as much as 28% by 2030.
“We are proud that our products provide valuable financial support when it’s needed most for our policyholders. But too many families fail to appreciate just how much a serious illness can impact on their finances and don’t take out protection cover that would give them financial security and peace of mind. We need to continue to work hard to promote the value and benefit of protection and turn it into a must have purchase just like car and travel insurance.”
