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."
What now for UK house prices?
Reports that UK house prices on average fell by £6,000 in September 2010 were a bitter blow for the sector and have obviously injected some concern into the consumer market. However, is this the beginning of a sustained collapse in the UK housing market or nothing more than a temporary blip? While a fall of £6000 in one month, bringing the average UK property value to just over £160,000, is...Read More
UK drivers hit by cost of parking
The cost of car-parking for UK drivers has rocketed in the past six years, according to Direct Line car insurance.Research by the firm shows that the average cost of car-parking has risen by an average of 25 per cent across the country, with motorists in Berkhamsted in Hertfordshire, Ponteland in Northumberland and St Mary's Bay in Kent facing increases of 90 per cent in charges since 2000.Perhaps...Read More
Gordon Brown under pressure regarding use of Labour Party funds
Former Labour Party general secretary Peter Watt has today revealed the use of Labour Party funds by Gordon Brown during his tenure at the Treasury. While there is no suggestion whatsoever of lawbreaking or illegal practice, the former Labour Party general secretary has questioned what the funds were used for as there appears to be little in the way of records available. It seems very strange t...Read More
Why has the Bank of England increased the quantitative easing fund?
While today's announcement of a £50 billion increase in the quantitative easing fund was released with an air of confidence, concerns are growing as to why the Bank of England has chosen this moment to increase the funds in question. There is a suspicion that even though it's still fairly early days for the quantitative easing policy to kick in, the impact of the significant wall of cash used alr...Read More
Teaching the kids how to handle money
In schools today we teach children about maths, about careers, about languages and many other elements which may or may not be used in their later life. However, there is a distinct lack of financial appreciation once many children leave school and move into the big world where they are left to fend for themselves. In reality, it is up to parents across the UK to educate their children about every...Read More