Norwich Union paid out 1,625 critical illness claims during 2008, totalling almost £121 million. This represents an increase of 14% compared to 2007. The company also paid out a further £216 million to the families of loved ones who have died, or been diagnosed with a terminal illness.
Norwich Union paid out 1,625 critical illness claims during 2008, totalling almost £121 million. This represents an increase of 14% compared to 2007. The company also paid out a further £216 million to the families of loved ones who have died, or been diagnosed with a terminal illness.
Total payouts for CI policies increased to almost £121 million from £106 million in 2007
1625 claims were paid during 2008
90% of all claims were paid
The average claim was £75,000
The number of claims declined for non-disclosure of medical facts at the policy's outset fell to 2%, down from 4% in 2007
The number of claims declined, as the condition claimed for was not covered by the policy was 8%
Cancer remains the most common cause of claims at 63%
Michael Whyte of Norwich Union says, "It is not until the worst of times that customers see the real benefit of this type of policy. During 2008, we supported over 6,000 families when it really mattered, following the diagnosis of a critical or terminal illness, or the death of a loved one. We are pleased with our progress on non-disclosure, yet are concerned that we have to tell some people that their claim was not going to be paid because their condition, or the severity of their condition, meant they were not covered by their policy."
During 2008 claims by illness type were:
Cancer 63%
Heart attack 7%
Multiple sclerosis 7%
Stroke 6%
Total permanent disability 5%
Heart Surgery 5%
Benign brain tumour 5%
Other 3
Select a suggestion below...