Companys critical illness insurance stats revealed
Tue, 20 Apr 2010
New health insurance figures reported by Friends Provident have revealed that in 2009 they paid out GBP34.5 million for claims of critical illness .

The company received 624 claims during the year, with only 46 being declined, and the percentage of claims that were declined for reasons of non-disclosure falling from 4% to 2.1%.

There was also a rise in the number of children's critical illness claims both received and paid out by Friends Provident over the last three years, with the youngest claimant last year being a nine month old baby girl who needed open heart surgery. She received GBP20,000, the most that can be paid out under this policy.

Ed Stuart-Brown, the head of protection at Friends Provident, said that they were "delighted that our percentage of claims paid has increased for the seventh year in a row", especially as the industry receives criticism for turning down a proportion of claims.

The company also pointed out that 92.6% of claims were paid, with the majority being for cancer, that the average critical illness payout was nearly GBP59,000, and the largest claim paid in 2009 was GBP600,000. The report also found that 44 was the average age for claimants, and the average policy length before a claim was received came to 5.5 years.
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