Aegon has revealed more than two-thirds (67 per cent) of its child critical illness (CI) claims during the past decade were for cancer.
The protection provider has released the statistics to coincide with childhood cancer awareness month in September, and it is reminding parents to check their critical illness policies to ensure their children are covered.
During the past 10 years, 30 per cent of Aegon’s childhood cancer claims were for brain tumours, 25 per cent were for Leukaemia and the remainder were for other forms of cancer.
In 2016, cancer accounted for 83 per cent of critical illness claims for children.
Simon Jacobs, head of underwriting and claims strategy at Aegon, said: “In the last 10 years we have paid a total of 84 claims for child critical illness. These claims have included all ages from children under one to teenagers of 17.
“Thankfully the number of families having to make a claim like this remains relatively low. For those customers who have children diagnosed with cancer or another critical illness, a critical illness policy that extends to children can provide much needed financial assistance.”
Mr Jacobs added that many people can overlook some of the costs associated with critical illness, such as time off work, travel costs and hospital parking.
Aegon’s critical illness policy includes two children’s definitions - children’s death benefit (£5,000) and children’s critical illness protection - which is the lower of 50 per cent of the benefit amount or £25,000 and applicable to children (including stepchildren) up to the age of 18 (or 21 if in full-time education).
Roy McLoughlin, associate director at London-based Cavendish Ware, said: “This data shows how valuable children’s cover can be and how it should be integral in the advice-giving process as to how a critical illness plan is chosen.”
simon.allin@ft.com
