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."
Sainsbury warns of realities of recession
Justin King, the chief executive of Sainsbury, has today warned the UK population that Britain is "yet to face the realities of recession". Despite the fact that the UK market sector appears to be faring better than most in the UK economy he believes that the full extent of the UK recession has yet to be realised by the UK population. While there is no doubt that money is still tight in many ar...Read More
Cash remains king, but cards gain ground
Using cash is still the most popular way to pay for goods, according to figures released today.Data from Apacs, the UK payments association, show that cash accounts for six in ten of all day-to day payments despite the ongoing migration by consumers to plastic cards.Over 96 per cent of all payments under £5 in value were made with cash in 2006. Cash payments were especially prevalent in the trave...Read More
Barclays hints at Account Charges
Plans from one of the UK’s leading banks, Barclays, to start charging customers for the privilege of banking with them has sparked fury among customers. Sir David Walker, new boss of the bank after being made chairman in early August, said the plans to charge customer and get rid of free banking were ‘in principle’. This will no doubt come as a blow to many families, who have already had...Read More
Have you completed your self-assessment tax return?
As we approach the final date for submitting self-assessment tax returns, i.e. 31 January, the next 48 hours will prove vital for many people in the UK. Despite the fact that paper tax returns were being accepted up until late 2009 more and more people are looking towards the Internet to simplify their tax returns. However, it does seem as though more and more people are leaving this until the las...Read More
Is the buy to let property market starting to wobble?
Revelations that mortgage arrears in the buy to let sector have increased substantially over the last few months is causing significant concern amongst UK lenders. This is a sector which for many months has seemingly managed to avoid the worst of the UK recession although tellingly it appears that more and more landlords are starting to struggle.
A mixture of a soft rental market to...