OUR ANNUAL CHECK-UP. Critical Illness Claims Statistics Protection

Transcription

1 OUR ANNUAL CHECK-UP Protection Critical Illness Statistics 21

2 WE RE IN BUSINESS TO PAY CLAIMS In an industry like ours, claims statistics are important. They help to reassure you that if your clients ever have to make a claim, they ll be. And regardless of the outcome of a claim, our Helping Hand service gives them practical and emotional support for no extra cost. We re always looking at ways to improve the cover we offer. 88% of the critical illness claims we in 21 were for only 5 reasons (cancer, heart attack, stroke, children s critical illness and multiple sclerosis). We want to make things easier for clients and pay more claims so we provide wide definitions for these conditions. Making sure they still go beyond the ABI standard. This is for financial adviser use only and shouldn t be relied upon by any other person. 2

3 A PICTURE OF CONFIDENCE 9% of critical illness claims were in % of the claims we were for our top 5 reasons for claim. 13 million 9, total. highest payout. 8, average payout. 367, average each day. 5% rejected for not meeting the definition. 1% rejected for misrepresentation. Source: Royal London UK intermediary protection business claims (1 January to 31 December 21). 3

4 CRITICAL ILLNESS BREAKDOWN Breakdown of the definitions claimed for ALL CLAIMS MALE FEMALE Cause of CI claim % of claims % of claims Age at claim (average) Months in force before claim (average) Cancer 989 9,61,26 1% 3 38,581,2 59% ,879, Heart attack 198 1,396,89 92% ,31,287 8% 16 1,55, Stroke 91 7,915,5 71% 65 6,59,719 29% 26 1,5, Children s CI 73 1,2,527 59% 3 872,172 1% 3 58, Multiple sclerosis 52 5,8,351 23% 12 1,9,32 77% 3,639, Coronary artery by-pass grafts 3 3,72,533 91% 39 3,52,37 9% 272, Parkinson s disease 29 2,618,986 79% 23 2,271,696 21% 6 37, Benign brain tumour 27 2,3, , ,271, Heart valve replacement or repair 18 1,326, ,326, Angioplasty ,585 83% 1 5,33 17% 2 22, Open heart surgery 8 68, , , Ductal carcinoma in situ 8 61, , Bacterial meningitis 5 8, , ,23 88 Major organ transplant 5 25, , , Motor neurone disease 5 26, , , Kidney failure 5 1, , , Other 27 2,37,651 85% 23 2,293,558 15% 81,93 n/a n/a ,968,6 53% 83 72,63,23 7% ,365, Top 5 reasons for claim 62% 12% 6% 5% 3% Cancer Heart attack Stroke Children s CI Multiple Sclerosis

5 56% chance of one person in a group of four all aged 3 being diagnosed with a critical illness during their lifetime. (Source: GenRe, March 215). 5

6 Cancer is the single biggest critical illness risk we all face. Cancer Research UK estimates that 1 in 2 people in the UK born after 196 will be diagnosed with some form of cancer during their lifetime. CANCER PAID CLAIMS IN DETAIL ALL CLAIMS MALE FEMALE Site of cancer % of claims % of claims Breast ,787, , ,68,95 Bowel/colo-rectal 97 7,861,92 57% 55 3,897,22 3% 2 3,96,7 Skin 82 8,619, ,87, ,75,87 Prostate 71,82, ,82,622 Lymphoma 51 5,6,778 65% 33 3,733,113 35% 18 1,673,665 Testicular 36,6, ,6,971 Brain 32 3,712,396 56% 18 2,137,967 % 1 1,57,29 Leukaemia 29 3,85,769 72% 21 2,585,127 28% 8 1,269,63 Lung 28 1,376,552 5% ,886 6% 13 66,666 Kidney 27 2,2,399 63% 17 1,627,172 37% 1 577,226 Cervical 25 2,53, ,53,51 Throat/tonsils 23 1,89,762 83% 19 1,81,689 17% 9,73 Thyroid 2 1,653, , ,133,27 Ovarian 18 2,16, ,16,238 Womb 12 98, ,95 Pancreas 12 91, , ,678 Other ,298,12 67% 7 8,13,79 33% 37 3,15,218 Grand total 989 9,61,26 1% 3 38,581,2 59% ,879,822 6

7 CLAIMS PAID BY AGE It can happen to anyone Under 35-6% 7 average age at claim 35 to 39-1 to - 19% 5 to 9-2% 5 to 5-18% 55 to 59-15% 6 to 6-5% 65 and over - 2% Over 1/3 of the critical illness claims we were for people under 5. People often think they re too young to need protection, but these claims show there s no ideal age to buy it. Age of group Under to ,561,681 16,82,8 to ,626,899 5 to ,55,259 5 to ,21,5 55 to ,896,78 6 to 6 78,95,62 65 and over 38 2,12,38 Please note that these figures exclude children s CI claims. 7

8 Helping Hand gives you the chance to show the value of quality cover through positive outcomes. And it s a great way for you to show the value of your advice and exceed your clients expectations. HELPING HAND More than just the money Our Helping Hand service offers your clients practical and emotional support from the day their plan starts, at no extra cost. Whether they claim or not. What s more, their families can use it too (spouse or partner and children). When people suffer an illness, injury or bereavement, money worries can add to the pressure. But the emotional impact often hits them first. So we include Helping Hand with every Menu and Relevant Life Plan to help your clients and their families cope with the devastating effects of critical illness and death. And because it gives them what they need, when they need it, they can use it for as long as they need it too. The stories behind the numbers We discovered how much a service like Helping Hand was needed by listening to people who had been through a serious illness or the death of a loved one. Once you find out more about the people who have been supported by our unique service, it s easy to understand just how valuable it is. We re here for your clients. If they do make a claim and they want to use Helping Hand, they ll get their own personal nurse adviser to help them get their life back on track as quickly and easily as possible, no matter what their situation. For many people, that s just as important as the money. 8

9 A PICTURE OF CONFIDENCE 9% of our critical illness claims made were in 21. 9

10 TERI S STORY Case study Teri s life was turned upside down when her husband Frank had a motorbike accident. He spent 6 weeks critically ill in hospital, being treated for injuries to his brain and spine. The situation couldn t have been much worse. However, the one saving grace was that 2 years before his accident Frank had taken out critical illness cover. The payout helped the couple pay off their mortgage and gave Frank the time he needed to return to work successfully, at his own pace. Through Helping Hand, Frank also benefited from practical and emotional support from a personal nurse adviser. The personal nurse adviser felt Teri needed some help too. So she arranged for her to have 6 sessions of aromatherapy massage. Teri says It helped me cope with the stress of caring for my husband and our -year-old son. For Teri, Helping Hand meant: Immediate support in a crisis Practical tools to relieve symptoms Support for the family Help to prepare for the future STEVE S STORY Case study As a firefighter, keen cyclist and father to 2 young children, Steve wanted to get back on with his life as soon as possible following a ruptured Achilles tendon and 1 weeks in plaster. But he faced a 6 to 8 week wait for physiotherapy on the NHS. Then he remembered the Helping Hand service which was part of his Life or Critical Illness Cover with Royal London. I knew I couldn t make a claim, but I wondered if Helping Hand could help me. His personal nurse adviser put him in touch with a specialist rehabilitation physiotherapist close to where he lived, and this meant the next stage of his recovery could start straightaway. Even though Steve didn t make a claim, he got 8 sessions through Helping Hand to bridge the gap until his NHS physiotherapy could take over. This made a huge difference to me and my family, says Steve. For Steve, Helping Hand meant: Proactive suggestions Treatment he didn t need to pay extra for Support when he needed it A speedier recovery 1

11 OUR CLAIMS PROCESS If you need to make a claim on behalf of your client, these are the steps you need to take: 1 Phone us on to register the claim. 2 We ll send you a claim form. Once you receive the form, you or your client should fill it in and send it back to us with any other documents* we ask for. You ll have a single point of contact throughout the claim. We ll give you their name and contact details. And a personal nurse adviser will call the claimant or affected person immediately. 3 Make sure your client continues to make payments for their plan. * These are the documents we might ask for when you make a claim on behalf of your client: The birth, marriage or death certificate of the person covered. Any other evidence of a change of name. Evidence of income of the person covered. Medical evidence to support the claim. 11

12 Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. All of our printed products are produced on stock which is from FSC certified forests. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number It provides life assurance and pensions. Registered in England and Wales number 996. Registered office: 55 Gracechurch Street, London, EC3V RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V RL.. November 215 P9B3