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 Significance of life insurance highlighted by scottish widows critical illness dataExpatriate Medical Insurance news about Medical Insurance, Health Insurance, Health Care Insurance, Expatriate Health Insurance, Affordable Health Insurance, Cheap Health Insurance.  The late released critical illness claims data from scots Widows has boosted pay out statistics as it revealed a total amount paid out of £1501000000 between 2000 and 2007 for over 4,540 critical illness claims. The data from scots Widows showed that the figure of successful critical unwellness claims has risen, a reassuring fact for anyone skeptical of life insurance loopholes, pay outs and small print. The statistics showed that in the year up to Oct 2007, more than £291000000 was paid out on 847 critical illness claims. They also gave an idea of the most park critical illnesses affecting the UK, as 90 five percentage of all critical illness claims fell into just five categories, the top being malignant neoplastic disease, heart related and strokes. According to scots Widows, the norm age of a female claimant with critical illness cover is 44 years whereas the norm male claimant is 47. And, policies were held for an norm of four years and 11 calendar month before a claim was made. Richard Jones, protection market manager at scots Widows, said: "The need for financial protection for both the household and concern has never been greater, especially with more household relying on two incomes and the addition in the figure of people who are self employed. Yet lack of consumer confidence is contributing to people failing to take out the valuable protection that they and their dependent need." In publication its claims history, scots Widows critical illness cover division is attempting to reassure consumers that the bulk of claims do pay out. Its statistics showed that in the 12 calendar month from Oct 2006 to Oct 2007, only five per cent of claims have been declined as a consequence of insufficient information, and a further nine per cent were unsuccessful because the ground for devising the claim was not covered by the policy definition. Richard Jones added: "To ensure our literature is clear and to minimise the opportunity for misunderstandings, Scottish Widows regularly reviews and gets feedback on our application forms and customer literature. The differences that this and other initiatives can make are clear when you see that last year we paid out more claims than previous years and we're paying out a higher percentage of claims." © Fair Investment Company Ltd More Expatriate Medical Insurance News |