Bright Grey thrifts out 91 percent of claims

According to certain reports, Bright Grey subsidiary of group Royal London paid out 91 percent of critical life insurance claims in final months of last year.

Insurers discarded only 2 percent of claim last year due to non disclosure of existing or prevailing conditions. For all those it paid out, the critical illness cover amounted to £82,000.

The major reason for critical illness was cancer (55 percent) trailed by heart attack (10%), stroke (10%), multiple sclerosis (9%). The shocking fact was that, the claim was made by people who are below 40 years. The youngest claimant was 23 years old.

Critical Illness cover is generally paid with life insurance cover. It pays a hefty sum on diagnosis of a grave condition.

There is host of differences between standard life insurance cover and critical life insurance cover. Unlike standard cover, critical illness attracts more disputes and non payment. The reason behind it is people don’t disclose their past illness or they don’t consider it to be related for the illness they are covering for.

Roger Edwards, director of Bright Grey remarked that, although 55 percent claims for cancer appear to be alarming or thought provoking, but the good news is that with better testing facilities, screening and affordable inventions in healthcare, the treatment has become easy and effective.

He further stated that Bright cover provides comprehensive critical illness cover. They have extended the cover to carcinoma in situ, an early or low form of prostate cancer.

Certain report suggests that, Critical Life Insurance Cover is one of the least understood financial products. The survey revealed the fact that, 36 percent of people don’t know how the cover works.

In epilogue, critical illness cover provides persons you a more friendly, stress free and burden free living.

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