Friends Provident: £36 million paid in critical illness claims
An insurance company has revealed that it has paid out millions to its critical illnes cover policyholders over the course of 2008.
Friends Provident has revealed that it paid out a total of £36 million to its customers in critical injury claims over the course of 2008.The insurer, which also provides life insurance, said that of the 691 claims received, 87.3 per cent were paid and 12.7 per cent were declined.
Friends Provident also revealed that more than half of the claims that it paid were for cancer and the average amount it paid for critical illness was £59,000.
Mark Jones, head of protection at Friends Provident, said: "The industry is working hard to restore consumer confidence in insurance and belief in whether claims are paid.
"It is after all the reason that people purchase cover to protect themselves and their loved ones."
Recent research by LV= suggested that many people may cut back on their insurance this year, stopping policies which they view as non-essential such as critical illness cover or life insurance.
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