Life insurance importance highlighted
01 January 2010 13:04:24
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| Critical illness and life insurance help 100 families a day. |
Data published by the Association of British Insurers (ABI) show that the average claim in 2008 stood at £52,000, which is double the average UK annual salary.
The figure highlights the difference life insurance can make in the event of the family breadwinner's untimely death, while critical illness cover can provide financial assistance if the policyholder is too ill to work.
Furthermore, the ABI statistics show that 97% of term life insurance claims were paid in 2008, emphasising the reliable nature of these policies.
"The insurance industry pays out £5.9m every day in life and critical illness insurance claims, making a real difference to people's lives at the most difficult of times," observed Nick Starling, ABI director of general insurance and health.
He added: "Insurance companies want to pay all valid claims, which is why the ABI is not complacent and continues to look at ways to reduce the number of claims declined even further."
A recent survey by Scottish Provident revealed that while 71% of Britons have home contents insurance, just 15% have critical illness cover.
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Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.