Critical Illness Cover Compared With Serious Illness Cover
During a period of illness, one of the major concerns of those affected is often financial stability at a particularly unstable time
. Detailed below are statistics released from some of the major insurance providers detailing what customers are claiming for and more crucially when they are making payouts.
Aviva
During the first half of 2009 Aviva paid out over 140 million in claims made on critical and terminal illness insurance policies.
Critical illness claims totaling almost 60million were paid out to 744 policy holders while a further 82 million was paid out to families for policy holders who had died or who had been diagnosed with a terminal illness.
The average critical illness payout was 80,429 and 89% of claims were paid. One of the major issues facing those making a claim on
critical illness insurance is that of non-disclosure. In 2009 only 2% of claims to Aviva were rejected on the grounds of non-disclosure whereas 9% were rejected on the grounds that the condition was not covered in the policy.
Cancer is still the most common cause of critical illness, with 64% of claims made being cancer related.
Bright grey
Recent figures suggest that in 2009 Bright grey paid out 11 million in claims made on critical illness insurance polices. The average critical illness payout was 78,000 and of all the claims made 93% were upheld.
Only 2% of claims were declined on the basis of non-disclosure and of all the claims made, almost 47% of those were made by those in the age group 40 and under.
As with Aviva, 75% of these claims were cancer related, while heart attacks only make up 11%.
Bupa
In 2009, figures suggest that the average claim payout was 98,000. Of these claims 58% were made against cancer while heart attack was 11% and strokes made up 6%
Almost 86% of claims were paid out, and of those claims less than 2% were declined due to non-disclosure.
Of those made, males were more likely to make a claim for a cancer related illness at 74% and females had a higher rate of claims for heart attacks at 18%. Interestingly only !% of claims made by males were for heart attacks.
Liverpool Victoria
In 2008 Liverpool Victoria paid out almost 8.5 million in claims, with 87% of all claims received being paid.
Keeping in-line with the other major insurance providers, less that 1% of claims made were declined due to non-disclosure. Any others that were not upheld, which reaches almost 13% was due to the illness not meeting stated requirements.
For both male and female, of all the claims made, 57% were related to cancer, 15% were due to heart attacks and 5% were due to strokes. Statistics also show that significant payouts were also made for additional illnesses including multiple sclerosis.
PruProtect
Pru have recently released details stating that 1 in 4 people are more likely to receive a payout with PruProtect than with other leading insurance providers. PruProtect offer serious illness cover rather than critical illness cover and claim that this is more likely to pay out than the traditional policy. Prus serious illness covers up to 154 illnesss compared to the UK average of 27 illnesses and as the payouts are based on severity the policy holder is more likely to receive a payout.
As detailed above one of the major problems policy holders are having when making a claim is that the condition is not covered within the policy criteria. Pruprotect, on the other hand, base conditions on the severity of the illness, applicants are therefore far more likely to receive a payout. Claims on a serious illness policy can also be made up to 3 times where as other providers will only pay out once.
Figures also show that customers are 24% more likely to receive cover with PruProtect than with other major insurance providers.
When deciding on an insurance provider, customers should therefore carefully consider how much cover they require.
by: Yzder Twain
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