Half of life cover claims made for people under 55
Scottish Provident has 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 the life claimant was just 56 years old, serves as a reminder for adults of all ages to look after their financial 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 discussions 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."