Scottish Widows has published its individual direct protection claims stats, which show that over £190 million was paid out in life and critical illness claims in 2014.
This equates to an average of over £2 million paid every week to our customers in life cover payments and £1.7 million in critical illness claims.
The insurer said since January 2000 the total combined amount it has given back to our customers across both life and critical illness claims stands at £1.9 billion.
Scottish Widows had sold polices directly though its bancassurance distribution channel with Lloyds Banking Group, which cut protection sales last year.
This is now being scrapped in favour of a more digital approach and Scottish Widows is set to launch an advised proposition this year.
In 2014 Scottish Widows paid out 99% of life and 90% of critical illness claims. Out of the 72 declined life claims, 57 were due to mis-representation and 15 where the definition of terminal illness was not met.
Out of the 258 declined critical illness claims, 175 were due to the definition not being met and 83 were due to mis-representation.
The total number of claims paid for life cover was 5,348 and for critical illness 2,213. And since 2000 Scottish Widows has paid out on almost 40,000 life and over 18,000 critical illness policies.
Looking at life cover in isolation, 55% of all claims from females were as a result of cancer, compared to 36% of males.
Heart related claims accounted for 13% of cases for females and 25% for males.
The total amount paid out in life claims was £105.3million, with £13.7 million paid in terminal illness claims. The average policy duration at claim stage was 7.5 years and on average Scottish Widows pays out to people at 58 years old.
For critical illness, the three main reasons for females making a claim remain cancer (73%), stroke (7%) and multiple sclerosis (6%). Among males, 53% of claims made were for cancer, 24% for a heart attack and 8% for stroke.
The total amount paid out in critical illness claims was £86.6 million, with an average claim amount of £36,034. The average period in force before a claim was 6 years and the average age of a claimant was 50.
Scott Cadger, head of underwriting and claims strategy at Scottish Widows said:
"In 2014 we paid out over £3.7 million every single week in life and critical illness claims, showing the true value of taking out appropriate protection cover. And since 2000 we have helped in the region of 60,000 individuals and their families through what can be both an emotional and financially difficult time."
