Association of British Insurers note improvement in Critical Illness payouts

According to the Association of British Insurers, there has been a noticeable improvement in the number of successful critical illness insurance claims being processed in the last two years. Figures showed that approximately 100 claims were being paid out every day in the UK, with that number steadily rising each year. This just goes to prove the effectiveness of critical illness policies and reinforces the fact that when applying for cover, you need to be completely honest and understand every aspect of the policy wording and small print on any insurance plan you wish to take out.

Thanks to the great news that approved claims are on the increase, this positive reflection on specialist insurers such as Critical Illness Insurance is ensuring that more and more individuals are looking towards taking out protective plans. These critical illness insurance policies are designed to offer a tax free cash lump sum in the event that they are diagnosed with a listed critical illness. Comparing with previous figures this rise can be clearly seen, with a 7percent rejection rate now being experienced compared to a 20 – 25 percent rejection rate just a couple of years ago. What this means is that critical illness approval rates have now broken the 90% marker and successful claims have hit as high as 93%.

Publishing these figures, the ABI have confirmed that this is excellent news for the relative consumer market and consumer advocate groups that work to create a reputable name for critical illness insurance policy providers across the UK and improve claim acceptance and approval figures with those insurance companies. In addition, a higher percentage of insurers actively do want to pay out claims for critical illness policies that are valid and as such is helping towards the overall rise in popularity of protective policies such as critical illness and life insurance policies. Continuing their hard work to justify further increases in successful claims, promoting insurers as they go, the ABI wish to work closely with insurers to establish the best results all round.

These findings and more presented by the ABI have been duly noted and been received with terrific interest and in the light of their initial success, the ABI have laid out plans to create further annual ongoing reports to share data, making their findings open to the public. Here at Critical Illness Insurance we support the fact that every client taken on board should be given the proper access to a successful claim if presented with a genuine case and we treat all our customers with a professional respect that maintains our role as one of the leading critical illness insurance providers here within the UK.