SCOTTISH PROVIDENT PAID OUT £47 MILLION FOR CRITICAL ILLNESS CLAIMS IN THE FIRST HALF OF 2011
22 August 2011
Scottish Provident’s “Critical Illness Claims Paid Summary” released today reveals nearly £47 million was paid out to its critical illness policy holders during the first six months of 2011. The report shows that 91 per cent of all claims made were paid.
The summary highlights that the average payout was £81,434, with the largest payout just over £945,000. The average age of a claimant was 47 years old. Just 2.6 per cent of all claims made were rejected for reasons of non-disclosure.
Over the course of the year to 30 June, over £30 million was paid out for cancer claims, with these accounting for 65 per cent of the total claims paid. Nearly £7 million was paid out for heart attack claims, with heart attacks making up 13 per cent of all claims.
Jennifer Gilchrist, senior product development manager, Scottish Provident said:
"We get a great deal of satisfaction paying out claims and being able to support claimants and their families at a difficult time in their lives.
"Putting in place a financial safety net has meant that over 550 customers have benefited from a financial pay out when they needed it most."
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For more information please contact:
Jennifer Gilchrist 0137 530 2584
Scottish Provident jennifer.gilchrist@royallondonglasgow.co.uk
Jemma Green 0207 294 3642
Lansons Communications jemmag@lansons.com
Adam Harwood 0207 566 9725
Lansons Communications adamh@lansons.com
Editor’s Notes:
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Caledonian Life – RoI protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• Royal London Plus – life and pensions administration
• Ascentric/IFDL – Wrap Platform
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £43.7 billion. Group businesses serve around 3 million customers and employ 2,630 people. Figures quoted are as at 30 June 2011.