Critical Illness Claim Statistics - 2009

OshayAway

pedro123456 wrote: »

Are they value for money? IMO no, but then I’m talking in hindsight having paid premiums since 1997 for this ‘relatively young product’, but as said this is my opinion.

They are very good value for money for the 93% of successful claimants, not for the 3% who didn't tell the truth on thier application form or the 4% who tried to claim for something that wasn't covered on their policy.

Nicko67

Pedro - £500,000,000. That's the amount one 'IC' has paid out in the last 5 years on Critical illness claims. That's just from one company.

Try telling the recipients that CIC is a waste of money, a con perpetrated by 'greedy' corporates. To them it's the difference between coping financially in extremely difficult circumstances, or watching their family suffer because of a twist of fate.

Your mangling of the stats is, frankly, ridiculous. Are you suggesting that the '91 out of 100' who haven't claimed should complain because they have reached the end of their mortgage and are disappointed that they didn't suffer a critical illness?

pedro123456

"Ok AwayOshay seeing as you are in the Insurance Industry maybe you could enlighten us as to the claims rate for CI, seeing as you dispute 10% " :think:

Sorry OshayAway , I must be blind did you not quote claim rates?

Paid out £500,000,000 and that's just 1 company, well I never, that is a lot of moneyay so Nicko67, what percentage of claims was that for?, do you know OshayAway obviously doesn't.


Come into my web said the spider to the fly :rotfl::rotfl::rotfl:

Nicko67

pedro123456 wrote: »

Are they value for money? IMO no, but then I’m talking in hindsight having paid premiums since 1997 for this ‘relatively young product’, but as said this is my opinion.

You've been paying premiums for 13 years for a policy you think is a waste of money? So you’re disappointed that you’ve not been able to make a claim?

I’m rather confused - please enlighten me.

pedro123456

You've been paying premiums for 13 years for a policy you think is a waste of money? So you’re disappointed that you’ve not been able to make a claim?

Nearly right nicko67, I was paying premiums for a policy that I KNOW was a waste of time,and a lot of money, a 'live and learn exercise' so to speak, anyway your answer to claims rates was what?

Nicko67

pedro123456 wrote: »

You've been paying premiums for 13 years for a policy you think is a waste of money? So you’re disappointed that you’ve not been able to make a claim?

Nearly right nicko67, I was paying premiums for a policy that I KNOW was a waste of time,and a lot of money, a 'live and learn exercise' so to speak, anyway your answer to claims rates was what?

You seem very bitter. I still don't understand how you KNOW it was a waste of time. Did you have a claim turned down? Is that at the root of your vendetta against a whole industry?

I've been paying various premiums for 14 years and hope I never need to claim on the policies:I'd happily reach retirement having paid out another 20 years worth but have been healthy. I'm confident that should I need to claim, the companies would pay out.

I think I might be banging my head against a brick wall if I say that the claims stats I've seen for 2009 (3 or 4 companies so far) all show a CI payout rate of around 93% as mentioned by our mutual friend Oshay earlier. But I get the feeling that even if the payout to claims ratio was 100%, you still wouldn't be happy.

Incidentally, you do know that the payouts for life assurance claims are never 100% don't you....?

sandsy

How do the stats for CI compare to disability or PHI claims? On both of those too, it would be expcted that there would be some non-disclosure and not meeting the definition issues?

I'm actually quite amazed it's gone as high as 93%. I can only imagine that rates will increase at some point too as the products wouldn't have been priced on an assumption of such high claim rates.

pedro123456

Thanks for your reply Nicko67, would it be fair to say that you and our "mutual friend oshay" are avoiding answering my question.

What is the claims rate?

Can I also ask why, in your opinion, is there no confidence in the Insurance Industry by the public? and why did the FSA impose TCF

http://www.fsa.gov.uk/Pages/Doing/Regulated/tcf/index.shtml

Nicko67

pedro123456 wrote: »

Thanks for your reply Nicko67, would it be fair to say that you and our "mutual friend oshay" are avoiding answering my question.

What is the claims rate?

Can I also ask why, in your opinion, is there no confidence in the Insurance Industry by the public? and why did the FSA impose TCF

Avoidance? Praise from Caesar! 93% payout rate during 2009 from the stats I've seen so far. Said that already .

Regards TCF - it has helped greatly. The public perception has improved and can only continue to do so.

I'm still no closer to discovering your real agenda and why this is such a soapbox for you.

Soubrette

Nicko67 wrote: »

Avoidance? Praise from Caesar! 93% payout rate during 2009 from the stats I've seen so far. Said that already .

Regards TCF - it has helped greatly. The public perception has improved and can only continue to do so.

I'm still no closer to discovering your real agenda and why this is such a soapbox for you.

I think pedro may be asking if you know the claims ratio for this insurance?

Sou