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24 Nov 2024
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Insurers settling the majority of critical illness cover claims

Consumers are benefiting as insurers settle an increasing number of critical illness cover claims, according to new data published by protection specialists LifeSearch.

Insurers are now settling an average of more than 88 per cent of all critical illness claims compared to just 84 per cent in October 2007, when the last set of figures were published.

For years critical illness policies have been plagued by non-disclosures, which involves an insurer rejecting claims because the client withheld crucial information during the application process; however this problem now seems to be disappearing.

LifeSeach senior policy adviser Matt Morris attributed the development to two factors.

"The first is the work of the Association of British Insurers who have put in place new classification systems that have increased paid claims," he said.

"The second is the publication of claims stats, which LifeSearch pushed for several years ago, and served to highlight the areas where insurers needed to improve. Consumers are now seeing the benefits."

Of all the providers serving the UK market, Legal & General settled the most at 93 per cent followed by Zurich and Aegon at 91 per cent each.

The cover is designed to cater for a number of critical illnesses including some types of cancer.

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Insurers settling the majority of critical illness cover claims