CI
Scottish Equitable Protect has published its claims experience for critical illness (CI) insurance in an attempt to highlight the need for cover.
The data reveals that 71% of all female CI claims are for cancer compared to 47% for males. Men have a much greater risk of heart attack however, making up 21% of male CI claims, compared to just 5% for women. Similarly, stroke accounts for a further 10% of CI claims against just 5% for women.
The information also revealed that Scottish Equitable Protect had paid 631 claims up to December 2004 to the value of £33.9m. The average age of claimant was 40-years old with an average payout of £61,390.
"Heart attacks and cardio-vascular problems account for a significant number of claims with someone in the UK suffering a heart attack every two minutes," said Rod McKie, head of marketing at Scottish Equitable Protect. "These figures help to dispel the myth that it won't happen to me."
Advisers have welcomed the release of the figures. "Cancer has always been the big fear and these figures confirm that it represents the most likely claim, by far. We have always argued that every single individual should consider taking out CI cover," said Alan Lakey, partner at Highclere Financial Services.
