• From Money Extra:

    Norwich Union reports that critical illness insurance payments in 2005 rose significantly compared to 2004. The insurers payouts on critical illness (CI) policies increased to more than £80m in 2005; up 23% on 2004. In total 1,123 claims were paid and the average payout was about £73,000. The top five causes for claims in 2005 were:Cancer 68.1%Heart attack 8.3%Multiple sclerosis 6.9%Stroke 5.6%Heart surgery 2.5%Almost nine times more men claimed for a heart attack than women, but twice as many women claimed for multiple sclerosis. In 2005, a typical critical illness policy had been in force for less than four years (average of three years and seven months) at the time of claim. Norwich Union declined 12% claims due to non-disclosure of medical facts at policy outset and a further 11% of cases were denied as policy conditions were not met. Critical illness cover can be an important contract for those concerned about protecting their finances in case of serious ill health. I…

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    Posted by Jon @ 8:05 pm

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