This is equivalent to more than £28 million over the 12 month period.
For the third year in a row, the number of claims turned down as a result of non-disclosure has reduced, with it now down to 2% (5% the previous year).
Richard Jones, head of protection at Scottish Widows, commented: “We’re pleased to have increased the claims we’ve paid and to have significantly reduced the number of claims declined due to non-disclosure. This reduction in non-disclosure can be put down to a number of factors including the adoption of the Association of British Insurers Code of Conduct on non-disclosure, which has increased the number of proportionate claims that are paid. In addition to this, we’ve simplified application forms and processes and also produced literature to help financial advisers and customers understand the importance of disclosing all relevant information.”
Over the course of 2008, the main three reasons for a claim were cancer, heart related and stroke. The average age for female claimants was 45, with men three years older at 48.
The average term of policy at claim is five years and cancer is still the main reason for a claim by both men and women, with breast cancer affecting 51% of female cancer claimants and testicular cancer affecting 10% of males.
Cervical (5%), ovarian (5%) and malignant melanoma (5%) were the other most claimed for cancers for females, whilst for men it was Hodgkin’s/Lymphoma (9%) and lung cancer (9%).
