Many individuals believe that Critical Illness Cover is a scam and that it does not payout. Even when confronted with facts, these individuals are frequently highly loud about their opinions and seldom back down.
To contradict these views, it’s encouraging to see that life insurance firms reveal their claims settlement histories. Scottish Provident released their claims settlement history for January to June this year. Scottish Provident paid out £51,616,715 in Critical Illness Cover claims.
The graphs make for fascinating reading. Here are a handful of the statistics that have been released:-
703 claims were paid out.
87.3 percent of claims were settled.
£73423 is the average payment.
The most significant claim was for £552487.
The claimant’s average age is 44.
73 months on the job before filing a claim is the average.
First and foremost, 12.7 percent of claims were not paid out, resulting in 102 shares. 10.8% of the claims did not meet the criterion of serious illness. At the same time, 1.9 percent were denied owing to ‘non-disclosure.’ Non-disclosure refers to the applicants’ failure to divulge their whole medical history throughout the application process. It is critical to inform the life insurance company of EVERYTHING. Give them no reason to refuse to pay!
When we look at the numbers in more detail, we can find that the following claims were paid out:-
378 cancer claims totaling £30,501,924. The claimant’s average age was 46.
86 claims for heart attacks totaling £5,619,252. The claimant’s average age was 48.
There are 62 claims totaling £4,476,089. The claimant’s average age was 44.
The amount of children’s benefits is £782,463. The claimant’s average age was 11!
Multiple Sclerosis (MS) is a disease that affects. There are 33 claims totaling £2,364754. The claimant’s average age was 40.
the list could go on…
The figures on children’s benefits are particularly unappealing to read. The average age of claimants is unexpected since many people believe that only “old age pensioners” suffer from heart attacks and strokes. The facts, on the other hand, tell a different tale.
Many of these applicants were most likely homeowners who needed to pay their mortgages. The critical illness claim most likely paid off the mortgage totally or at least a substantial portion. Many of the claimants’ houses were probably lost during treatment because they couldn’t afford to pay their mortgages and other costs.
Parents who were entitled to children’s benefits were also allowed to pay their monthly fees. Would you be able to go to work every day if you had a sick kid with a possibly fatal illness?
There will always be individuals who believe critical sickness insurance is a disadvantage, but the statistics demonstrate that it is also an excellent tool in personal financial planning.
What if a critical Illness claim denied? Contact us you will get the perfect solution.
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