Critical illness claims paid by Aviva average over £80,000

Aviva reported that for the 6 months to end of June 2009, it paid out nearly 750 critical illness claims with an average claim of just over £80,000, but do you have critical illness or life insurance cover?

Aviva paid out 89% of all claims, totalling almost £60 million in the 6 month period to June 2009.

As Michael Whyte, chief underwriter for Aviva, said ‘Critical illness and life policies are the type of policy nobody wishes to claim against yet evidence shows that these are vitally important policies that can support families and secure their financial well-being during the worst times.’

Interestingly, Scottish Provident, reported that it paid 93% of claims in the same period, totalling over £43 million with an average payout over £74,000.

Taking out adequate critical illness cover sooner rather than later is well worth considering.

You may find our article on ‘Critical Illness insurance‘ helpful input.

You might be wondering what the difference is between critical illness cover, life insurance and life assurance? Briefly to explain

• Critical Illness Cover – pays out a lump sum if you are diagnosed with a specific critical illness and you can use this as you wish, for example, nursing care, adapting your home or perhaps taking a holiday to help your recovery.
• Life Assurance – or whole life cover pays out on your death. It lasts, as the name suggests, all your life and there is a guaranteed payout at the end when you die.
• Life insurance – provides you with life cover for an agreed period of time, such as your mortgage term. If you don’t die within the period of the cover then you will not get money back as the policy is simply an insurance policy that you have not claimed on.

Thinking about illness or death is not something that many people are comfortable with but it really is best to be proactive and consider how your loved ones will survive after you have gone.

You can at least help cover the financial aspects of your loss by considering some form of life insurance.

You can get a free life insurance quote quickly and easily so you can determine exactly what cover you can get for what price.

If you need help then it’s worth getting professional advice to make sure you get a policy that suits you and your family’s needs.