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."
FTSE 100 companies see pension deficits increase
In another blow for the UK pensions sector it has been revealed that the cumulative deficit of FTSE 100 company pension schemes has increased from £41 billion in August 2008 to a massive £96 billion today. This is by far and away the largest cumulative pension deficit ever seen in the history of the UK pension industry and is starting to cause significant concern in corporate circles.
Cash in Hand Payments ‘Morally Wrong’
Cash in hand payments to tradesmen and other services throughout the UK has been branded as ‘morally wrong’ by Treasury Minister, David Gauke. The minister warned that this is damaging the economy and assisting tax-evaders, whilst leaving others to foot the bill. It is thought that cash in hand payments costs Britain billions of pounds a year in lost tax revenue, while others had to pay mor...Read More
Minimum wage to increase above the rate of inflation
14/03/2014 The government has announced that the national minimum wage will increase by 3% to £6.50 an hour. It is the first time that the national minimum wage has increased at a higher rate than inflation in six years, and it expected that it will directly benefit one million workers in the UK. Additionally, minimum wage workers under the age of 21 will also benefit from similar pay ri...Read More
Crooks target online tax system
The HMRC has today revealed a new strategy which criminal gangs are using to arrange for tax rebates to be paid to themselves. While no figures were given with regards to the number of attempted frauds and amount of money actually paid out, it must be significant to prompt HM Revenue and Customs to issue such a warning about the system. So what exactly is going on?
The issue relates...
Homeowners can reduce home insurance premiums, says ABI
There are plenty of proactive steps homeowners can take to cut their home insurance premium, according to Jonathan French, assistant director of media relations at the Association of British Insurers (ABI).ABI figures show that the UK insurance industry paid out £64 million per day in 2006 in general insurance claims, including £9 million to householders for property damage or the loss of posses...Read More