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."
Post Office beefs up mortgage operation
The Post Office has introduced a total revamp of its mortgage operation which has seen the introduction of a base rate tracker, two and three-year fixed-rate deals and a five-year mortgage agreement which has topped the best buy league. The five-year deal is fixed at 5.09% although it only offers 60% loan to value and comes with a rather hefty £599 arrangement fee.
At a time when t...
Business Confidence hits 20 year high
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ABI steps into Lloyds Bank remuneration saga
The powerful Association of British Insurers (ABI) has today stepped into the Lloyds Bank remuneration saga calling on shareholders to reject the £2.3 million offer placed before chief executive Sir Eric Daniels. Even though said Eric Daniels waived his right to the massive bonus, after the group reported a £6.3 billion loss for 2009, there is concern that the remuneration board even suggested t...Read More
Andrew Sentence spooks the currency markets
Andrew Sentence, a member of powerful Bank of England monetary policy committee, has today spooked the currency markets with a suggestion there is some risk of a double dip recession in the UK. The pound immediately lost 1.5 cents against the dollar and there are concerns about further weakness in the short to medium term. This is not the first time over the last two weeks that the Bank of Engl...Read More
Gold surges to $1040 an ounce
Today's announcement that the gold price reached an all-time high of $1040 an ounce has seen more and more investors looking towards this valuable commodity. At this moment in time it would appear that opinion is fairly split between further progress for the gold price and short-term weakness. However, much of the short to medium term performance of the price of gold will depend on the worldwide e...Read More