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L&G data reveals most claims from people under 40

Legal & General has released its critical-illness cover claims&#39 data for 2002 in a move welcomed by intermediaries who want to see more openness from providers.

The statistics show that in 2002 L&G paid out £39.7m in critical-illness claims, with the average payment £65,500.

There were 664 claims, with 370 cancer-related and 73 heart attack. Other conditions, including angioplasty and Alzheimer&#39s, totalled 50.

Six out of 10 male claimants and seven out of 10 women were under 40.

L&G says this is the second time it has released critical claims&#39 data and it aims to provide annual updates. Scottish Provident and Friends Provident also publish figures.

Life Policies Direct director Jason King welcomes another insurer providing such information although he says L&G&#39s data is not as detailed as some others. King says: “It is always good to put something tangible with a product that is not tangible.”

L&G protection marketing manager Simon Maskell says: “Critical-illness cover is going through some changes and we can lose sight of the fundamentals of the product. The need for the product is still very much there and this is the reassurance that it should be a core part of everyone&#39s financial planning.”


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