The comprehensive Skandia Protect product offers customers high quality cover across a wide range of medical conditions. The claims paid rate figure is a 1% increase on the previous year which was the highest in the industry at the time.*
Over three quarters (77%) of the claims made in 2013 were for cancer, heart attack or stroke. The average payment for a successful claim on a Skandia Protect critical illness policy in 2013 was £148,148.
All claims made to Skandia that were unsuccessful during 2013 were because the condition definition was not met. There were no claims turned down because of non-disclosure.
Skandia also continued its record of paying out 100% of life assurance claims for the fourth consecutive year.
Skandia Protect Critical Illness originally entered the market in January 2001.
Ian Jefferies, head of protection at Skandia comments:
“At Skandia we are focused on delivering a high-quality market-leading critical illness product. Our impressive claims paid data for 2013 demonstrates that our focus on thorough and understandable condition definitions, rather than the number of conditions covered, makes a real difference to customers, giving them the reassurance of financial protection for them and their families should the unthinkable happen.”
*According to the Times comparison produced on 15th June 2013.