DEMONSTRATING OUR PROTECTION EXPERIENCE

Transcription

1 2016 CLAIMS STATISTICS DEMONSTRATING OUR PROTECTION EXPERIENCE This information is for UK financial adviser use only and should not be distributed or relied upon by any other person.

2 SCOTTISH WIDOWS SCOTTISH WIDOWS OVER 211 MILLION CLAIMS PAID OUT Over 128 million Life Insurance amount paid out Over 82 million Critical Illness Cover amount paid out 810,797 Average total paid out every working day 9,599 People and their families helped 99% Life Insurance claims paid 93% Critical Illness Cover claims paid 36,749 Average Life Insurance claim amount paid 40,730 Average Critical Illness Cover claim amount paid 50 Average age of Critical Illness Cover claim 25 Age of our youngest Life Insurance claim 60 Age of our average Life Insurance claim 5 As well as being a well-trusted brand, we offer a 5-star service backed by over 200 years experience; care and support for your clients and a team of experts to support you.

3 Your clients may think there s no need to take out Life Insurance, but should the unexpected happen, they d want their family to be financially protected. SCOTTISH WIDOWS 60% of people with children do not have any life cover in place.* 99% 19% of people either don t know why they haven t taken out Life Insurance, or just haven t got round to it.* 25 33% of people would have to use their savings to ensure their family managed financially if they or their partner died.* 60 of our Life Insurance claims were paid out in age of our youngest Life Insurance claim. age of our average Life Insurance claim. *Source: Scottish Widows protection research March 2016 The top five reasons for Scottish Widows Life Insurance claims: 40% 20% 6% 6% 5% Cancer Heart Accident Respiratory Stroke

4 Becoming ill may not be something your clients want to think about, but there are many reasons to consider our Critical Illness Cover. 1 definition, covering over 200 types of cancer in situ requiring surgery. 22 is the birthday that children are covered up to for Critical Illness Cover. X 2 Cancer survival in the UK has doubled in the last 40 years.* *Cancer Research UK. 93% of our Critical Illness claims were paid out in OUT 4 OF 5 people find themselves on average 570 worse off a month as a result of cancer diagnosis.* *Macmillan Cancer support Critical Illness claims paid last year. The top five conditions for Scottish Widows Critical Illness claims: SCOTTISH WIDOWS 65% 13% 7% 4% 2% Cancer Heart attack Stroke Multiple sclerosis Brain tumour

5 SCOTTISH WIDOWS All our policies offer your clients and their families practical and emotional support in partnership with RedArc. Support includes access to a personal nurse adviser, a second medical opinion and more. We've updated our critical illness definitions to make them more comprehensive and less complex. Children's Life Insurance and Critical Illness Cover are included with all Critical Illness policies. We have one of the UK's largest claims handling teams, with experts in specialist areas for Life Insurance and Critical Illness claims.

6 SCOTTISH WIDOWS We have a specialist panel of experts to look for ways to pay claims that may not meet the policy s pay-out criteria. CASE STUDY One of our customers decided to cancel her policy and was unfortunately diagnosed with breast cancer shortly afterwards. As she had been experiencing symptoms of her illness while her policy was in place, she decided to make a claim. However, because the policy was cancelled before her diagnosis, the policy definitions were not strictly met. Our claims team became aware that the customer had cancelled her policy shortly after the death of her husband and referred the case to our specialist panel due to her potential vulnerability. The panel reviewed the circumstances and took the view that her decision to cancel was made at a time when she was emotionally vulnerable. As a result we decided to proceed with a full claims assessment and, as the claim was medically valid, the customer received a full payment of the sum assured.

7 SCOTTISH WIDOWS Watch our short Claims Story film. To find out more about Scottish Widows Protect, and how we can help you and your clients, visit our website.

8 Source of claims statistics quoted within this document: Scottish Widows, based on the number of Life Insurance and Critical Illness Cover claims paid out by Scottish Widows between January 2016 and December Scottish Widows Limited. Registered in England and Wales No Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number /17