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."
Are you making use of your online banking facilities?
As more and more of us look towards the Internet for our everyday needs it appears there are still many people who are reluctant to use the Internet for their financial affairs. While we periodically hear about various scandals and frauds on the Internet, it is easy to forget that these types of criminal activity have been commonplace off-line for many many years. However, it appears that the Inte...Read More
Who will pay for the additional £50 billion in quantitative easing?
As the UK government and the Bank of England calmly rolls out an announcement that the quantitative easing program will be increased by £50 billion, many taxpayers are now asking who will ultimately pay for this investment. However, the vast majority of taxpayers already know the answer because ultimately it will be UK taxpayers who pay yet again.
As we see more and more UK banks a...
Provide private medical insurance, ABI tells employers
The Association of British Insurers has advised employers in the UK to provide private medical insurance for their workers, detailing the benefits of making such a provision.Spokesman Jonathon French has highlighted the advantages of securing private policies for employees in the case of injury or sickness.He said: "It's certainly something which many companies consider a good thing for the sake o...Read More
Insurance cheats are putting lives at risk
While figures from the Insurance Fraud Bureau confirmed there has been an 11% reduction in so-called "crash for cash" crimes on the roads of the UK there are concerns that fraudsters and crooks are targeting specific areas of the UK. The so-called "crash for cash" scam involves fraudsters and crooks staging a variety of traffic accidents often involving innocent drivers, which have resulted in sig...Read More
Loyal customers punished by policies
Insurance companies are passing on their own rising costs to the customers who are most loyal to them, an economist has warned.Policies for existing clients are super-charged to account for the cost that companies incur when offering lower premiums to new customers, says Professor Vincent-Wayne Mitchell, an expert in marketing and member of the Cass Business School.Professor Mitchell told BBC Two'...Read More