Scottish Widows' £25m payout for critical illness
Scottish Widows has announced that it has paid out over £25 million on 774 critical illness policies for the twelve months up to October 2006, but warns that 16 per cent of claims were turned down. The most common claim is for cancer, which accounts for 61 per cent of claims, followed by heart disease and strokes.However of the claims that failed, 53 per cent were refused because people had not disclosed information when they took the policy out and 43 per cent of people were denied a payout as the claim did not meet the policy definition.Richard Jones, interim protection market director at Scottish Widows, said: "Through its work with the Association of British Insurers and the Critical Illness Working Party, Scottish Widows has been working to address the issue of declined claims."To reduce non-disclosure, application forms have been improved to make them clearer for our customers. To reduce the incidence of a claim not meeting the policy definition, the industry has made real headway in improving the clarity of illness definitions - thus ensuring it is clearer to consumers about what is, and isn't, covered."Although the benefits, ie fewer declined claims, won't be seen for a couple of years, these measures all go towards making each step of the process - from application to claim - clearer for consumers."
The UK government looks set to bailout PFI companies
The UK government has depended largely upon private financial initiative schemes (PFI) in the past in order to roll out significant numbers of new schools, new motorways and similar projects. As Gordon Brown mentioned only a few weeks ago he is looking to create or save over 100,000 public sector jobs in these troubled times. However, it has become more and more apparent that the PFI schemes, on w...Read More
Insurer issues car headlight warning
Four in five drivers do not know the Highway Code's guidelines on using headlights, esure said today.According to the insurer, around one million motorists have also suffered either a road accident or a near-miss due to not turning their lights on.Analysis from esure also shows that "more and more" local authorities are turning off some of their streetlights at night in order to save money - a tre...Read More
'Variety' of ways to cut car insurance costs
Norwich Union has insisted that many people do not realise that there is a wide range of options available to them to help cut their car insurance premiums.The car insurance company has stated that one of the best ways to cut car insurance costs is to buy online.Erik Nelsen, a spokesperson for Norwich Union, explained: "There's a whole variety of things you can do to get your motor premiums down....Read More
The real cost of the Cadbury bid
As Kraft Foods this weekend thinks over a possible £10 billion offer for UK outfit Cadbury, the real cost of the potential bid has been revealed. Kraft Foods has around £5 billion available as a sweetener in the form of a cash payment as well as shares in Kraft Foods in exchange for Cadbury shares. However, it has been revealed that both parties stand on the verge of massive banking fees if the...Read More
When was the last time you had a financial health check?
The vast majority of UK public are more than happy to place their savings in a bank account, leave them there and do nothing about them for some time. However, on the other hand there are a growing number of the UK population looking to realign their assets on a regular basis in order to take account of market movements and the potential to improve their investment prospects and investment income....Read More