Scottish Provident is on target to pay out 60m in critical illness payments in 2004.
The figure is double the average yearly payout of 30m since the introduction of the plans in 1996 and is the highest annual figure paid out by the company in any 12 month period.
The average individual payout on Scottish Provident claims is also rising with the figure for January – June 2004 standing at 73,669, compared with 72,456 for the same period in 2003 and 66,016 in 2002.
While payments are increasing, the average age of claimants is now only 41, compared with an average age of 44 two years ago.
More than a quarter of all critical illness insurance claims paid by Scottish Provident in the first half of 2004 went to people under the age of 40.
Those aged between 40 and 49 were the biggest claims group, accounting for almost 40%.
Scottish Provident’s report shows the three main reasons for critical illness claims continue to be cancer (55%), heart attack (12%) and stroke (5%).
Cancer claims are almost twice as common in women as they are in men- female cancer claims account for 72% of women’s claims, while only 40% of men’s claims are cancer-related.
Sue Wilkinson of Scottish Provident says: “These figures are exactly the sort of evidence that people are looking for to show them the true value and importance of critical illness cover.
“The last thing anyone wants to worry about when they suffer a critical illness is money.
“By telling people about the amount we pay out and the types of illnesses that people claim for, we can show that critical illness cover is worthwhile.”
“Scottish Provident is a safe pair of hands for people
and our policies do exactly what they’re supposed to do by paying out when people need it most.”