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Posted on April 17, 2008 by Mike Armstrong | Posted under Insurance
Critical Illness Cover- Scottish Provident, Standard Life And MME
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Standard Life one of the many successful insurance companies in UK nowadays may have made public its critical illness claims data. It may have paid around GBP 9.8 million in approximately 184 critical illness claims during the mid of July 2006. It also stated that the average claim value may have been approximately GBP 53,546. Also, the biggest amount of critical illness claim paid may have been about GBP 300,000. Moreover, 60 percent of people aged 40-59 followed by around 32 percent aged 0-39 may have all made critical illness claims. Also around 8 percent of critical illness claims may have been recorded due to people over the age of 60. Furthermore, around 52 percent of claimants could have been women while about 42 percent could have been men. Finally, two child benefits claims could have been awarded for leukemia. Moreover, another company named Scottish Provident had also recently published its statistics concerning critical illness claims. Scottish Provident affirms that around GBP 169 million may have been paid as critical illness claims. Also, the average amount of money paid as claim might have been around GBP 70,425. The claimants may have had an average age of 42 while the average time the policy was in force could have been about 3 years. Furthermore, around 55 percent of people may have suffered from a critical illness such as cancer, around 13 percent may have contracted heart attack, nearly 5 percent may have been affected by a critical illness like stroke, about 4 percent may have been victims of Multiple sclerosis, approximately 4 percent may have been patients of heart surgery and finally 19 percent could have contracted other critical illnesses. Furthermore, going worldwide, an actual decrease of critical illness cover in South Africa may be noted. This could be due to the MME. The MME (major medical expenses) may have become popular in South Africa and may be frequently taken out as a means to provide additional benefits to cover health costs. MME may be able to close the gap in the healthcare system much better than critical illness insurance. This can mean that an MME cover may be easier affordable than critical illness cover and may also provide cover for more conditions than critical illness insurance. Also, the MME cover may be bought as a family cover. However, this success by MME could come to an end if it was sold in connection to health insurance. In this event, life insurers might then be obliged to sell more critical illness covers as riders. If compared, Scottish Provident may have paid a more considerable amount in terms of critical illness claims than Standard Life. But the choice of critical illness cover may not be necessarily made based upon certain facts. One must shop well so as to get the critical illness cover of his liking. About The Author: For more information about Critical Illness Insurance and Mortgage Payment Protection please visit www.unbeatablelifeandcriticalinsurance.co.uk. |
Tags: LIFE INSURANCE COVER, CRITICAL ILLNESS INSURANCE, MORTGAGE PAYMENT PROTECTION, INCOME PROTECTION INSURANCE
