Bright Grey has reported that it paid out 93% of critical illness claims during 2012.
4% of claims were declined for non-disclosure. The average critical illness payout was £73,000.
64% of claims paid were for cancer, followed by heart attack (14%) and multiple sclerosis (8%). The youngest claimant was 19 years old.
Ian Smart (pictured), head of product development and technical support, at Bright Grey, said: “We’re very pleased to report such a high claims paid figure for 2012. When someone is diagnosed with a serious illness the last thing they will want to worry about is how they will cope financially. And the payout from a critical illness plan provides valuable financial support when they need it most.
“Thankfully, due to better diagnosis, improved treatments and the developments of nationwide screening programmes, more people than ever before are surviving cancer and other critical illnesses. But many people don’t appreciate the lasting effects of a serious illness and the impact that can have on the family finances. A financial payout is essential to help people to continue to make ends meet.”