Friends Provident payout GBP36 million in critical illness claims
Mon, 02 Mar 2009
Friends Provident has revealed that its critical illness cover policyholders have benefited from payments totalling £36 million in the past year.

The insurer has announced that out of the 691 claims for critical illness received last year, it paid 87.3 per cent of them and declined to pay 12.7 per cent, with the average critical illness payout amounting to £59,000. Friends Provident also revealed that more than half of the payments it made were for cancer and the average age of the claimants was 44 years.

Mark Jones, head of protection at Friends Provident, said: "The industry is working hard to restore consumer confidence in insurance and belief in whether claims are paid. It is after all the reason that people purchase cover to protect themselves and their loved ones."

Recently, research conducted by LV= has found that many people will be cutting down on the amount they spend on insuring themselves this year in order to try and keep their living costs low.
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