Scottish Widow has reported paying out more than £150 million on claims between January 2000 and November 2007.

In a report published today showing its claims history, the group that is widely regarded as one of the most recognised offering a range of products that include life assurance, pensions and permanent health insurance etc, said over £29 million was paid out on 847 critical illness claims alone.

Cancer, it explained, took 61 per cent of this and that the commonest causes of male cancer claims were testicular, Hodgkin’s/Lymphoma and lung with 10 per cent each.

For female claimants the commonest causes were breast with 53 per cent, while cervical and ovarian each had 5 per cent.

In terms of age the report revealed that female claimants had an average of 44 years, just as the average for male was 47 years.

It said policies were held for an average of 4 years and 11 months a claim was made.

Although there was a greater need for financial protection for both the family and business, people are lacking the confidence to take out the kind of insurance that would guaranteed this, commented protection director at Scottish Widow, Richard Jones.