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."
Loan sharks charging upwards of 10,000% in doorstep loan shock
While it has long been known that the doorstep loan sector is one of the most cut-throat and expensive in the UK, few would have guessed that some doorstep loan companies are charging interest rates of up to 10,000%. A report by the Conservative party has highlighted the growing problem for the U.K.'s low-income classes who are struggling to raise money by traditional methods and are often forced...Read More
Don't forget to pack the insurance, holiday makers urged
As many as 20 per cent of travelers go on holiday without travel insurance, according to insurance provide Churchill.Trying to save money by traveling uninsured could cost holidaymakers a fortune in the long-run - the Foreign and Commonwealth Office (FCO) reports that an air ambulance in the Canaries could cost as much as £12,000 to16,000 or a scheduled flight, stretcher and medical escort home f...Read More
Chancellor cuts basic income tax by 2p
The chancellor has unveiled plans for a two per cent cut in basic income tax in a Budget which he claimed would "expand prosperity and fairness for Britain's families".Speaking in what is widely expected to be his last Budget, Gordon Brown delivered his 11th set of economic plans to parliament, focussing on families, business prosperity, home security and the environment.In a sweeping range of mea...Read More
Ex-Cazenove partner found guilty of insider trading
Malcolm Calvert, who worked his way up from the post room at Cazenove to become a partner in the business, is today starting a 21 month prison sentence after being found guilty on five counts of insider trading. He was found not guilty on a further seven counts brought by the Financial Services Authority (FSA) but this is still one of the most high-profile insider trading convictions by the FSA....Read More
Is the MPs expenses system to blame?
Amid accusations of large-scale expenditure by various Cabinet ministers and MPs in the UK the government has today sought to blame the expenses system itself for the current debacle. Despite the fact that MPs are not obliged to claim various expenses, anything from plugs to antique fireplaces, there has been a widespread systematic use of the system to its full capacity. Let's not forget that MPs...Read More