Scottish Widows paid out on 88% of critical illness (CI) claims made last year, according to figures...
Scottish Widows paid out on 88% of critical illness (CI) claims made last year, according to figures from the provider.
The statistics show that 10% of claims were declined for not meeting the definitions of the policies held, while 2% were declined due to non-disclosure. The rate of non-disclosure, Scottish Widows revealed, has fallen by 60% in a year.
The three main reasons for customers claiming were for cancer, heart-related disease and stroke. On average, Scottish Widows said it paid out an average £543,000 each week in claims.
Richard Jones, head of protection at Scottish Widows, said: "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."
Jones added that the reductions in claims declined for non-disclosure had been due to the Association of British Insurers' (ABI) work on non-disclosure and simplified application forms.
