Scottish Widows have been proud to announce a claim success rate for life cover of 98.99% in 2017, nearly a whole percentage point above the ABI’s reported average of 98%. The provider has also announced that their critical illness claim success for last year was 93.03%, also well above the average of 92.2%.
Pay outs for Scottish Widows in 2017 translated to more than £204m, at an average of £4m per week. A total of 9,238 people and their families were supported through the payments in the event of critical illness or death.
Critical illness payouts for women included 74% for cancer, with 52% for breast cancer. The main reason for payouts for men was also cancer at 51%, with 19% for heart attack. Women also accounted for just over half of all claims at 53%.
The provider is pleased that the figures from 2017 are so high, considering that their research has indicated that the average person still believes that only 34% of protection claims are paid. They hope that the statistics help dispel the myth and build consumer confidence in protection companies.