Life insurance Updated:
Aviva has revealed that it paid almost nine out of ten critical illness (CI) claims during the first half of the year, with 744 claims paid out in total.
The UK's largest insurer settled 89 per cent of the CI claims that were filed, with almost £60 million paid out. On average claimants received some £80,429 each.
The company also paid out a further £82 million to the families of loved ones who had died, or had been diagnosed with a terminal illness.
Just two per cent of claims that were rejected by Aviva were down to non-disclosure of medical facts at the policy's outset. This total was consistent with 2008, when the same proportion of policies were declined for non-disclosure.
The remaining nine per cent of claims were declined because they were not covered by the policy.
"Critical illness and life polices are the type of policy nobody wishes to need to claim against, yet evidence shows they are vitally important policies that can support families and secure their financial wellbeing during the worst of times," said Michael Whyte, chief underwriter at Aviva.
Scottish Provident also announced its results, with the firm paying 93 per cent of CI claims in the first half of the year, totalling over £43 million. Just 1.2 per cent of claims were turned down because of non-disclosure.
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