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."
Have the Alliance & Leicester started a battle in the banking sector?
It has been revealed that the Alliance & Leicester, the popular UK bank, appears to have started something of a free for all in the current account market. The company is offering new account holders a £100 cash back payment (which would be paid within four months of opening an account), 6.5% interest and a 0% overdraft (within an agreed limit) for the first 12 months. This offer relates to the c...Read More
BT increases call costs by 34%
British Telecom has introduced a 34% increase in the cost of daytime telephone calls due to a 17% rise in the charge per minute and an increase in call connection fees. While the vast majority of UK telephone users may not even realise this has happened until their next bill comes in, the company communicated the information in the small print of a letter and company magazine sent to customers ove...Read More
Older people face insurance prejudice, says charity
Many older people who are healthy and want to travel are "frequently shown the door by ageist travel insurers" who will not cover provide them with cover, a spokesperson for the charity Age Concern has said. According to Age Concern, as many as 92 per cent of travel insurance policies impose upper age limits on who they will cover, and up to a third of people report having experienced age discrimi...Read More
Will recent credit card regulation changes have an impact?
The last few weeks have seen a number of significant changes to the regulatory framework surrounding the credit card industry. This is an industry which has attracted more than its fair share of attention and criticism over the years due to a "heavy-handed" approach to customers in financial difficulty. With more and more of the UK population struggling to make ends meet the government has stepped...Read More
House sales could increase to highest level in 14 years
The outlook for UK house sales has been described as the strongest since 1999, after data from the Royal Institute of Chartered Surveyors (Rics) was released. This comes after the majority of those surveyed reported increased house prices, as well as an increase in enquiries from potential buyers. However the best news comes from the predicted sales figures for the next quarter. 45pc of respond...Read More