When are you suspected to get critically ill?
“But he’s so young! How could that happen?”
Whenever we hear about someone we know passing away or being diagnosed with a critical illness, we are often jolted into the reality that critical illness can happen at a time we least expect it. More often than not, we blithely go on through life thinking that something bad as being diagnosed with a critical illness is something that won’t happen to us. Sadly, statistics tell us otherwise.
- Cancer strikes a wide range of individuals, with around 293,600 new cancer diagnoses every year. This is based on information from the www.cancerresearchuk.org website.
- More than 400 people in the UK suffer from a stroke daily. Even though a considerable percent occurs at the age of 65 and above, stroke victims are getting younger through the years. There are even incidences of stroke in babies and children.
- Over 30,000 persons require heart surgery every year.
- Around 100,000 individuals in the UK are diagnosed with multiple sclerosis, a disease that strikes the young (20 to 30 years old).
Claims reports for critical illness policies corroborate these findings. Above you can see a breakdown of critical illness claims according to age and gender, based on the Critical Illness claims report by Scottish Provident covering the first six months of2012.
A Closer Look on Claims (Based on Scottish Provident information)
Please note that Scottish Provident has a CI Claims payout rate of 93% for the period covered by the report, where 2% of denied claims were due to the discovery of material non-disclosure on the part of the insured and 5% denied because the illnesses being claimed against didn’t meet the requirement in the policy.
Based on statistics on critical illness claims, the average age of the Person insured that filed a claim is 49, and the average time the policy has been in force at the time of the claim is 9 years and 1 month.
Children’s Critical Illness
Scottish Provident has also paid 20 claims for children’s critical illness with an average payout of £18,719 during the first half of the year 2012. The average age of the child who made a CI claim is 8 years old.
To protect yourself and your family, save up to 35%, please fill the critical illness cover + life insurance form on the right now.
Recommended useful information to read:
- Dos and Don’ts when making critical illness insurance claims
- What you should know about your critical illness cover: the exclusions to your policy
- Things to consider before getting a critical illness insurance policy
- Are you at risk? Critical illnesses you may be susceptible to
- Save up on premiums: factors that affect your critical illness insurance premiums