October 2015 - HBFS

critical-Illness-2

Critical Illness Claims Up Again

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AIG Life recently announced it paid out 90.2% of all critical Illness (CI) and sadly 15% were for children.

Key statistics include:

Over £13.7m paid out for CI and children’s CI claims in 2014;
The average sum paid to critical illness customers was £71,000;
The average age of critical illness claimants was 43 years old; and
Cancer remains the most common cause of critical illness claims at 53%, followed by children’s
CI causes at 15%, along with stroke and heart attack or related conditions at 6% each.

The number of children’s CI claims rose from 12% of claims in 2013, and cancer was again the top cause for children’s CI claims last year, making up over 50% of children’s CI claims.

Steve Casey, Head of Marketing & Propositions at AIG Life, comments: “The figures that we publish today are in keeping with the size and maturity of our portfolio. The percentage paid figures are higher than last year which we predicted would be the case. Of greater importance, however, is to look under the headline figure and understand the causes of claim.

“The percentage of claims paid for a children’s critical illness on last year’s figures demonstrates the importance of having a financial parachute in place should a child fall seriously ill. The emotional impact of a child’s illness on a family will likely be tough to endure but with some financial support the pressure can be eased a little.”

AIG Life today announced it paid out 90.2% of critical illness (CI) and children’s CI protection claims in 2014.
It also paid out 92.2% of life insurance claims – an increase of 7.8 percentage points on life insurance claims paid in 2013.

Statistics are based on all life insurance and critical illness claims made between 1st January and 31st December 2014.