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Article: Standard Life sees a big fall in declined critical claims.
- Article from:
- Money Marketing
- Article date:
- May 10, 2007
CopyrightCOPYRIGHT 2007 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Standard Life's critical-illness insurance claim statistics for 2006 show that the proportion of claims it declined more than halved from 2005.
Declined claims fell to 7.5 per cent last year from 18 per cent in 2005, with 3.3 per cent declined in 2006 because the claim did not meet policy definitions and 4.2 per cent due to non-disclosure.
Standard paid out 360 claims worth a total value of #18.7m with an average claim value of #52,138.
The biggest claim paid was #500,000 and 64 per cent of claimants were aged between 40 and 59.
At the time of claim, 72 per cent of policies ...