Latest News - Serious Illness
Figures released during December relating to January 2003 to September 2004, by Canada Life, indicate that cancer now accounts for 56% of all it’s Serious Illness claims. Figures in the same study also indicate a reduction in the proportion of claims for heart attacks. This could be attributable to an overall improvement in attitude towards lifestyle and a greater willingness to attend a GP when symptoms first arise.
The percentage of Cancer related claims continues to rise and now makes up 56% of all its Serious Illness claims. With more screening taking place in particular for breast cancer amongst women, it is likely that cancers are being diagnosed earlier and with greater public awareness, people are more likely to seek medical advice, following the discovery of a lump or other abnormality.
Claims for cancer make up 70% of all Canada Life’s serious illness claims for women.
Population statistics also show increasing trends in prostate cancer and breast cancer.
Heart related claims continue to decline as a proportion which probably reflects an overall improvement in lifestyle and a greater willingness to consult GPs when symptoms first present themselves.
Over the years, Canada Life has expanded the number of illnesses covered under their Serious Illness product in many cases backdating the new benefit to all existing policyholders. Cardiomyopathy is one of the more recent additions to the long list of serious illnesses covered and claims for this relatively rare condition now represent 2% of their claims.
Men make up 60% of all claims even though they only hold 55% of all policies.
In 2003-2004, the average claim was €48,541, the lowest claim paid out was €6,000 while the highest was over €370,000.
In addition, men account for almost 90% of heart attack claims.
They also make up the bulk of all other heart related claims: primarily those procedures usually regarded as improving the quality of life such as by-pass surgery and angioplasty.
The chances of surviving a major illness continue to improve year-on-year.
While some commentators expect the recent change in smoking pattern to have a positive impact in the number and level of smoking related conditions, Canada Life feel that it will be some years before they see the effects on the number of serious illness claims.