The age when people make claims against critical illness policies appears to be getting younger, as ...
The age when people make claims against critical illness policies appears to be getting younger, as latest statistics from Scottish Provident suggest the average age of CI claimants is now 42, compared with 44 last year.
A further disparity, which seems to contradict mortality rates and suggestions that men die younger than women, shows women are claiming at a younger age than men as the average age of a woman's claim is 41 compared with men who, on average, claim on their critical illness at the age of 43.
Figures suggest cancer tops the list of causes of claim at 55% of all claims, followed by heart attack (13%), stroke (5%), multiple sclerosis (4%) and heart surgery (4%), says Scottish Provident.
While cancer is still the most likely illness to be claimed against, particularly among women who suffer with breast cancer, a new entrant into the arena appears to be the emergence of greater claims on child CI cover.
Although it is a relatively recent development to offer child CI, evidence suggests around 90% of these claims are leukaemia-related.
Child cover is now the sixth most common cause of claim, says Scottish Provident, accounting for more claims (76) than total permanent disability (67), but is still behind heart attack (315), stroke (121), multiple sclerosis (99) and coronary artery by-pass surgery (94).
That said, the number of claims on child CI cover is likely to continue to rise over the next few years, predicts Nick Kirwan, head of product development and marketing at Scottish Provident, as more families recognize the benefits CI could offer when dealing with a sick child.
"Intuitively, we might imagine that children are unlikely to get a critical illness and that child cover isn't really essential. However, for people with a family, or even thinking of starting a family in the future, nothing could be further from the truth. Claims for child cover are more common than many people might imagine," says Kirwan.
"There is no denying that broaching the subject of children's critical illness might be difficult. It is hard enough trying to get adults to face up to the possibility of contracting a serious illness themselves, never mind the thought of their children being critically ill. However, as these figures show, it is essential that they do so, because if the worst does happen then the last thing parents will need is financial worries too," he adds.
Figures compiled by Scottish Provident claims department show the most common claims for critical illness are:
|Male claims||Female claims|
|Cancer||42%||Cancer (of which half are for breast cancer)||73%|
|Heart Attack||22%||Multiple Sclerosis||6%|
|Heart Surgery||6%||Benign Brain Tumour||2%|
|Total Permanent Disability||3%||Heart Attack||2%|
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