60% of critical illness claims in 2016 were for cancer

Cancer

Under two-thirds (60%) of overall critical illness claims made in 2016 were for cancer, according to research by Aegon UK.

Its analysis of critical illness claims received by Aegon UK in 2016 also found that 31% of cancer-related critical illness claims in 2016 were for breast cancer, compared to 31% in 2015 and 35% in 2007.

The research also found:

  • 18.5% of critical illness claims in 2016 were for breast cancer. This compares to 20% in 2015 and 22% in 2007.
  • £5.4 million was paid out for breast cancer critical illness claims in 2016, and the average pay out was £70,981. This compares to £6 million that was paid out for these claims in 2015, and £3.3 million that was paid out for breast cancer critical illness claims in 2007.
  • £54.6 million has been paid out to nearly 700 women diagnosed with breast cancer over the last 10 years.
  • In 2015, 65% of all critical illness claims paid by Aegon UK were related to cancer, compared to 63% in 2007.
  • The average age of claimant for a breast cancer critical illness claim was 49-years-old in 2016, and the youngest claimant was 37 years of age. In 2015, the youngest claimant was 31, and in 2007, a 24-year-old was the youngest employee to make a breast cancer claim.
  • 3.6% of life claims paid in 2016 were due to breast cancer.

Simon Jacobs, head of underwriting and claims strategy at Aegon UK, said: “Back in 2013 we reported that breast cancer was our biggest single cause of critical illness claims in 2012; this remains the case.

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“In the last 10 years Aegon has provided financial support to around 700 women diagnosed with breast cancer, paying £54.6 million in critical illness claims to help them through their diagnosis and treatment. Early detection and better treatment means that survival rates after a diagnosis of breast cancer are improving. This is clearly reflected by the consistent number of claims for breast cancer and also creates a stronger case around the importance of critical illness cover.

“Treatment of breast cancer often involves surgery, chemotherapy, hormone therapy or all three. It’s a difficult time for sufferers and their families and with this in mind, we make the claims process as simple and quick as possible.”