View more on these topics

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.”

Recommended

Split caps compensation to be revealed

Investors in split caps will hear this week how and when Fund Distribution, the company set up by the Financial Services Authority after the crisis, is to make its payments to those eligible for compensation. Eighteen fund management companies paid into the company in December after reaching agreement with the FSA, with Exeter Asset Management […]

Bonds going bust? Not so fast….

In recent months bond bears have been reinvigorated, and market commentary suggesting “the end of the bond (bull) market is near” has become commonplace. We think these comments are premature. Explaining the global government bond sell-off October has seen renewed pressure on global government bonds, initially provoked by a Bloomberg article suggesting that the ECB […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment