Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of November 2017
March 7, 2008

L&G critical illness claims 88.2% successful

by Gill Montia

Story link: L&G critical illness claims 88.2% successful

Legal & General (L&G) paid out £110 million in critical illness insurance claims during 2007, giving claimants a success rate of 88.2%, compared with 83.3% in 2006.

Non-disclosure was cited as the reason for the 7.7% of unsuccessful claims made last year.

The £17.9 million rise in payouts is described by Bernie Hickman, managing director of protection at Legal & General, as: “further evidence of our progress in bringing down the level of declined claims”.

The average payment stood at £60,000 and the majority of claims were made for cancer, heart attack, stroke, multiple sclerosis and a number of terminal illnesses.

The insurer also paid out a total of £179 million in life insurance, representing 96.3% of claims received.

Critical illness insurance provides those who are diagnosed with a specified illness with a lump sum that covers loss of income and may also provide for alterations to living accommodation.

 

News posted:



Related stories to L&G critical illness claims 88.2% successful: