Legal & General’s Critical Illness Payout Rises
Over the last year, Legal & General have paid out £110m in critical illness claims.
The critical illness claim average was for £60,000, and for a serious condition such as heart attacks, multiple sclerosis or even a terminal illness, the figures reveal almost 90% of claims were successful.
In 2006 the success rate was 83.3%, and this rose 88.2% in 2007.
Critical illness claims not paid out due to non-disclosure fell from 12.1% two years ago to just 7.7% in 2007.
The increase both in successful critical illness claims and the overall amount paid out is a strong sign of Legal & General’s commitment to lessening the number of claims declined, according to Bernie Hickman, the firm’s MD of Protection.
Such an approach should assist customers in believing that insurers will treat them fairly, Hickman has stated.
As well as the critical illness payouts, £179m was paid out in life insurance, at a rate of 96.3%.
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Comment by SorptuptLus — 18th April 2008 @ 3:31 am