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ScotEq Protect reveals critical claim statistics

Scottish Equitable Protect paid out 631 critical-illness claims totalling more than £33m last year.

The company decided to release its critical cover claims’ figures two years ago after calls from IFAs for statistics to be published. The average claim for ScotEq Protect was £61,390 and the average age of claimants was 40.

The statistics show that cancer was responsible for 71 per cent of all female claims. For male claims, 47 per cent were due to cancer while heart attacks and strokes accounted for 21 per cent and 10 per cent respectively.

Scottish Equitable head of marketing Rod McKie says: “Claims’ data can highlight the benefits of protection and how it can help to preserve people’s lifestyles. It also can reveal the claims that are not paid and can explain the valid reasons why.”

Lifesearch senior technical adviser Kevin Carr says: “We are actively encouraging more product providers to do this. Fig-ures help IFAs and the public understand what products do and don’t do. As a result, they can, without a question, limit non-disclosure.”

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