Ageas Protect has revealed its critical illness claims statistics for the first time, with a payout rate of 89.3 per cent in 2013.
More than £11.6m was paid out to CI and childrens’ CI claimants in 2013, with an average payout of £92,547. The average claimant age was 44 years old.
Cancer accounted for 56 per cent of CI claims, and was also the most common cause for childrens’ CI claims.
Of the CI claims not paid in 2013, 4.3 per cent were rejected for non-disclosure while 6.4 per cent were declined due to unmet conditions.
Ageas Protect head of marketing and propositions Steve Casey says: “Announcing our 2013 paid CI claims data is an important milestone for Ageas Protect, having just launched five years ago.
“We look forward to continuing to work within the ABI’s reporting code and to develop our innovative protection products so that more customers benefit from payouts in the future.”