Half of life cover claims made for
people under 55
Scottish Provident
29 February 2012
Scottish Provident has today revealed that 50% of its life cover payouts during 2011
were made to policy holders under the age of 55 years old.
The figures, which reveal that the average age of a life claimant was just 56 years old,
serve as a reminder for adults of all ages to look after their financal responsibilities
throughout their lives. Indeed, nearly one in five claims paid out (18%) were for
policyholders aged just 44 or under, with a further third (32%) aged between 45-54
years old.
In total during 2011, Scottish Provident paid out £41,863,503 in life cover claims
with the average claim being £84,744.
The figures highlight the importance of people taking out the right cover to ensure
their families are protected. The new EU gender directive coming into force in
December will see the cost of protection for women in particular rising considerably
making it all the more pressing that people consider their financial future more this
year.
Jennifer Gilchrist, senior product development manager at Scottish Provident, said:
“There has been plenty of discussion in recent years about Britain’s aging population,
with new figures showing that almost one in four Britons will be 65 or over in 2051.
However, our claims figures are a stark reminder about the very real need for
individuals to look after their and their families’ financial livelihood throughout their
whole lives. Tragically, in an age where there are regular calls for people to provide
for their pension, there are many thousands of people who do not live to retirement
age.
With 2012 being a leap year, there is an opportunity for women to take the initiative
in their relationships and propose to their partner on February 29th. Scottish
Provident is calling on people of all ages, and women in particular, to make 2012 the
year where they take more of a financial initiative, and ensure that they purchase
valuable protection products that can offer financial security in the event of their
being unable to work, suffering a serious illness or even death.”
- Ends -
For more information please contact:
Scottish Provident
Neil Cameron 0131 247 1677
[email protected]
Lansons Communications
Adam Harwood 0207 566 9725
[email protected]
Caroline Church -Taylor 0207 490 3625
[email protected]
Editor’s Notes:
Royal London Group is a specialist financial service provider. Its businesses focus on
those sectors of the market which value quality propositions, operating through a
number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Caledonian Life – ROI protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• Royal London Plus – life and pensions administration
• Ascentric/IFDL – Wrap Platform
• MoneyVista – online financial planning service for consumers
Royal London is the largest mutual life and pensions company in the UK with
Group funds under management of £46.2 billion. Group businesses serve around 4
million customers and employ 2,940 people. Figures quoted are as at 31 December
2011.