Critical Illness Claims Stats
Buying a critical illness cover may provide you benefits in the future. In this case, you have to pay monthly or yearly premiums so that the critical illness policy remains in force. Premium payments may fluctuate as per the type of insurance, your age, your health conditions, whether you are a smoker, etc. Premium payments may also vary if you take a critical illness policy related to mortgage, for example. Here the premium values may rise.
Thus, you may find yourself in a difficult situation should your critical illness claim be turned down after many years of contribution. So, letâ ™s have a look at some critical illness claims made and their outcomes in the UK during the past years.
As per Standard Life 2005, an amount of approximately GBP19.8 million may have been paid on about 342 critical illness claims. Specifically, a sum of around GBP58, 000 may have been disbursed per claim. Furthermore, during the year 2005, around 82 percent of critical illness claims may have been awarded in contrast to nearly 80 percent of the previous year. Moreover, 18 percent of claims may have been declined. Not meeting policy definitions may have accounted for around 10 percent of critical illness claims being turned down. On the other hand non disclosure may have brought around 8 percent of declined cases.
Additionally, prior to taking out a critical illness cover everything about present health status and your medical past should be disclosed to your insurers. Besides, if any kind of hereditary disease exists in your family you should make your critical illness insurers aware about the fact. You could therefore be made to undergo some medical tests in order to verify if you could qualify for a critical illness cover or not. This may depend on the results that will appear after the medical test. Should you be awarded critical illness cover, the premium payments rates could rise.
Moreover, further reports may show that approximately 63 percent of people aged 40-49 and about 32 percent of people aged 0-39 may have been more likely to make the critical illness claims. Additionally, cancer may have brought around 52 percent of critical illness claims while 13 percent may have been for heart attack. Around two thirds of people who made the claims may have been in possession of their policies for four years.
Skandia, one of the leaders in the critical illness market has pulled the curtain on its report about critical illness claims as from February 2007. They affirm having paid around 1920 claims summing up to an amount of around GBP182 million. They also revealed that the average age of claimants may have been more likely to be 46. However, the most common critical illness claims may have been cancer, around 58 percent, heart attack, around 15 percent, heart surgery around 8 percent and stroke around 7 percent. More statistics show that the most common forms of cancer more likely claimed for may have been: breast cancer, around GBP23million, lower intestine nearly GBP11 million, malignant melanoma about GBP9 million and prostate approximately GBP7 million. In addition to, they may have paid around 88 percent of claims while the remaining 12 percent could have been rejected as they did not match policy criteria or non disclosure.
Disclosure of your medical history to you critical illness insurers might be of help for you especially at the moment of payout. Anyone would be happy to know that his critical illness claim had been accepted. Fortunately cases of non disclosure and not meeting policy definitions may be decreasing. The reason could be that people may be becoming more aware and careful when choosing a critical illness cover. So letâ ™s hope for this trend to continue.
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