Critical Illness Insurance Developments And Statistics

Standard Life one of the most famous insurance companies in the UK had revealed its reports for the year 2005. Around 82 percent of critical illness claims may have been successfully paid since the year 2005 by Standard Life. These claims may have a reached a total of around GBP 20 million. Compared to the year 2004, only around 80 percent of critical illness claims could have been paid.

The rise in critical illness claims may mean that cases of non disclosure or non meeting policy definitions may be eventually decreasing. However, in the year 2005, 18 percent of critical illness claims could have been rejected. Out of these, 10 percent could have been due to not meeting policy definitions. The remaining 2 percent may have been due to non disclosure.  Also, around two thirds of critical illness claims may have been made on policies that have been ongoing for an average of four and a half years. Trevor Matthews from Standard Life affirmed that the shift from the 2004 has been small but positive concerning the amount of critical illness paid out. He also said that Standard Life do not turn down claims without specific reasons.

Furthermore let’s see at some global statistics concerning critical illness. Nearly 1 out of every 4 people may suffer from a heart attack. Around 8 out of every 100 people may contract stroke while 1 out of every 3 people may be diagnosed by a critical illness such as cancer. As we see these figures, the chances of contracting cancer may be higher than stroke. But heart attack may also be the second case responsible for most critical illness claims in the UK. Moreover, according to Framingham Heart Study, around 77 percent of males aged between 35-54 may survive a critical illness such as heart attack. On the other hand, 56 percent of men of the same age group may survive for 10 years while 47 percent may also survive for 13 years. The survival rate for a critical illness like heart attack may have increased considerably. In the year 1950 the survival rate may have been 11 percent as compared to nowadays which may be around 71 percent.

Additionally, around 50 percent of cancer sufferers may be expected to be still alive 5 years after intervention or diagnosis. Further results show that around 10 percent of stroke patients may recover from this critical illness completely. Unfortunately, stroke may cause someone to be disabled. As a matter of fact around 53 percent of its victims may require dependency. As the medical industry improve, more lives may be saved as critical illness conditions may be detected much earlier. Therefore, the life expectancy for men nowadays may be approximately 78 years whereas for women the value may be about 83 years.

At first when critical illness insurance was launched, the policy covered around five critical illness conditions. This gradually changed to seven and finally to twenty nowadays. In the year 2003 nine diseases may have been covered namely heart attack, stroke, MS, kidney failure, CABG, stroke, paralysis, Parkinson’s disease and cancer. In the year 2003, critical illness insurance may have already made a success in the UK with over 1 million policies sales. Back in the year 1992 less than 200,000 policies may have been sold. The amount eventually increased until in 1999 there had been a real boost. Around 783, 166 critical illness policies may have been sold representing an increase of about 12.8 percent (694,263) over the year 1998.

Critical illness insurance may be expected to grow slightly till the year 2008 as more and more people may be seeking for protection. Whether it is to protect the family or oneself, critical illness insurance can be the right choice.

Article Source: http://www.theukarticledirectory.co.uk