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."
Marks and Spencer announce 34% fall in profits
When the likes of Marks & Spencer are suffering on the high street there really is no escaping the fact that the UK retail sector is in deep trouble. While the shares have risen on the back of the news this is more to do with how the stock market has picked up of late than the underlying performance of Marks & Spencer. While these figures do not come as a major shock it is always more alarming to...Read More
Is the government right to look at selling off bank share stakes?
Today's announcement by the OFT (Office of Fair Trading), that the UK government should effectively disinvest various banking share stakes as soon as possible, has been backed by many investors and consumer groups. However, even though the UK government itself has been looking towards potentially selling off the sizeable banking stakes Gordon Brown is in a very difficult situation.
UK savers missing out on the best ISA savings
Around 90 per cent of savers in the UK are not taking full advantage of the benefits of ISAs, new research has shown.Research from Lloyds TSB Savings found that just eight per cent were found to have taken out both cash and stocks and shares ISAs.Surprisingly, almost half (46 per cent) of Brits said that they had no ISA at all.It has also become apparent that there is a low level switching provide...Read More
Should we believe the Nationwide forecast for the property sector?
Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe? There is no dou...Read More
Marks & Spencer and the £15 million man
Marc Bolland, the former chief executive of Morrisons, the new chief executive of Marks & Spencer has announced a deal which could peak at £15 million in his first year in office! On top of a basic salary of £975,000 a year the new chief executive will be line for bonuses which could hit £6.3 million as well as a £7.5 million cash compensation payment covering performance related pay he gav...Read More