Where did all the claimants go?

INSURER Aegon says the pandemic has led to a sharp and ‘worrying’ reduction in the number of claims made on critical illness policies.

This is due to scheduled health screenings for cancer being postponed – leading to cancers such as breast, bowel and prostate going undetected.

In the first six months of this year, the insurer paid £16.7 million in claims, compared to £17.6million in the first half of last year.

But more tellingly, the volume of claims is down 24 per cent in the six months to the end of September,

compared to the same period last year. Simon Jacobs, head of claims, says it would be a ‘tragedy’ if the pandemic and lockdown put people off addressing serious health issues. He adds: ‘Early detection and better treatment for cancer means survival rates after a diagnosis are improving. This emphasises the importance of critical illness cover.’

Alan Lakey, a critical illness specialist at Highclere Financial, says £100,000 of cover taken out for 25 years by a couple, both aged 40 and non-smoking, would cost just over £102 a month with Royal London.

This month, the ‘Movember’ campaign runs in order to motivate men to be more aware of their health and wellness. It focuses on prostate cancer, testicular cancer, mental health and suicide prevention. Details at: uk.movember.com.

Charity Prostate Cancer UK has a mine of information available on its website: prostatecanceruk.org. Financial protection experts include Highclere Financial (01442 234 800) and Lifesearch (0800 316 7253).