View more on these topics

Breast cancer claims soar as screening improves

Scottish Provident has received record numbers of breast cancer claims, paying out more than £7m in the first six months of this year, according to its latest critical-illness figures.

The £7m paid out to 80 claimants up to the end of June was equal to a quarter of the total of £28m paid out on breast cancer claims since 1991.

ScotProv says the increase is due to better screening and awareness of early symptoms and treatment.

Cancer accounted for 55 per cent of claims, followed by heart attack at 13 per cent, stroke at 5 per cent and multiple sclerosis and heart surgery, both at 4 per cent.

In the six-month period, 20 claims totalling over £400,000 were paid out on child cover. Of these claims, 25 per cent were for cancers traditionally more common in adults, such as malignant brain tumours, melanomas and liver cancer.

ScotProv has paid more than £203m in CI claims since 1991, with £117m for cancer. The average age of claimants is 41 for women and 43 for men while the average payout is now £72,500, up from £66,000 last year. The average period that a policy is in force before claim is 37 months.

Abbey for Intermediaries head of protection, product development and marketing Nick Kirwan says: “By showing the number of claims we pay and the types of illnesses that people claim for, we can demonstrate the true value of critical-illness cover so that people can take it out in complete confidence.”


Long-term plans

Convertibility, extendibility and renewability options, in their various forms, are an established part of the financial planning scene. They enable clients to extend the period or alter the nature – with traditional convertible term plans the change was from temporary insurance to endowment or whole-life – of the cover provided at a predetermined age or […]

Group therapy

Changes in the group pension market in recent years can probably best be described as traumatic. The emergence of stakeholder pensions complete with price caps and the decline of final-salary business have dramatically increased activity in this area. Vast numbers of schemes have changed the type of product and the provider. Commission levels have been […]

Woolwich maximises returns

Woolwich Plan Managers has established the premium protected growth plan, a guaranteed equity bond that provides a minimum return of investors&#39 original capital after five years and six months. The bond is linked to the FTSE 100 index and investors will also receive 100 per cent of any increase in the index at maturity.To calculate […]

Networks give help with multi-managers

Tenet&#39s M&E and Interdependence networks are organising a drive to help members use multi-managers. Scottish Widows, Skandia Investment Management and Abbey are working with the networks to share their expertise and resources.


News and expert analysis straight to your inbox

Sign up


    Leave a comment