Standard Life has published statistics behind its critical illness and life assurance claims experiences which reveal non-disclosed alcohol abuse problems could make life insurance policies invalid.
While cancer accounted for of over half of claims between 16 November 2003 and 15 November 2004, findings suggest females under the age of 40 were more likely to make a claim on their critical illness policy, while men tended to aged between 41 and 60 and received more in the payouts. After cancer, the majority of claims in the event of death were as a result of heart disease, suicide and respiratory disease, and the average payout was found to be £48,200. Additional figures also reveal, however, Standard Life declined 20% of CI claims because they either were not considered a claimab...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes