“Scottish Widows pays out over £219million in Life and Critical Illness claims.” This was the headline as reported in Financial Adviser magazine 12th May 2016. They have helped a total of 9,639 individuals and their families with the financial and emotional impact of critical illness or death.
The key statistics for Critical Illness were 74% of women who claimed did so for breast cancer, whilst for the men 52% of claims were for cancer with 22% for a heart attack. The average size of claim was £35,573 and the highest individual claim was £592,527. (Source: ftadviser.com/fa)
These figures should give the public confidence that insurers are being more transparent on which claims they pay and which they decline. For families in particular should be looking at how they would cope if they suffered a death or a critical illness by not just the main bread winner but both earners. In these austere times we cannot rely on government or our employers support to help pay the mortgage and general household bills.
If you want to learn more about Life or Critical Illness ask a question in the comments, give us a call or send us a message!