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."
Card expenditure 'grew strongly last year'
A total of £354 billion was transacted on debit and credit cards last year, new figures from Apacs show.According to the UK payments association, card spending easily beat out cash (£265 billion) and cheques (£194 billion) in 2007 - a situation which looks set to continue in the future.Debit card use grew by 13 per cent across the year to hit a total of £221 billion, while credit card transact...Read More
Elderly urged to apply for insulation grants
Recently confirmed price increases from gas and electricity providers mean it is even more important that the elderly apply for grants to help insulate their home, a government minister has said. Over the last two months, npower, British Gas, Scottish Power and EON have all confirmed double digit price increases to their energy tariffs. This could leave pensioners in particular facing a struggle t...Read More
The forecast for UK house prices is very depressing
While the National Institute of Economic Research has today issued a report regarding the UK property sector, with a forecast that house prices will fall by 8% in real terms by 2015, this is not the worst forecast currently in the marketplace! A report by Capital Economics today forecasts that the UK property market could fall by up to 25% over the next two years wiping off almost £42,000 from...Read More
Getting the most from your 30 minute Financial Health Check
Did you know that here at financialadvice.co.uk we offer all those who visit our website a 30 minute free financial health check, completed by a fully qualified financial adviser? No? Well, here at financialadvice.co.uk towers we think our 30 minute free Financial Health Check is a perfect opportunity for you to talk to a qualified financial adviser on your key financial issues, such as saving...Read More
JJB sports and its £8.3 million fee to banks
There has been much speculation regarding the future of sports giant JJB sports over the last few weeks and today the company has confirmed that it paid a fee of £8.3 million to its bankers in order to guarantee a stay of execution. There is widespread condemnation of the size of the fee charged to a company which was struggling to repay its debt and had seen a substantial down turn in trade. Man...Read More