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."
Can we believe the latest UK retail figures?
The Office for National Statistics (ONS) yesterday revealed December retail figures which showed an increase of 0. 3% against analysts expectations of a 1% increase. However, there is concern that these figures may well be flawed as we have seen various statistics rebased and adjusted after their initial release. So can we believe the latest UK retail figures? The problem at the moment is that...Read More
Brits urged to get ready for slump
Britons should use high profile news reports of stricken banks as inspiration to get their own finances in order, a credit report company has advised. Yesterday reports surfaced that US investment bank Bear Stearns is to be taken over by JP Morgan after suffering huge losses from exposure to the US sub-prime mortgage crisis. The news followed the government-backed rescue of Northern Rock, which sh...Read More
Government wins alleged tax avoidance case
The UK authorities are today celebrating a potentially massive win in the courts when a judge ruled that retrospective tax legislation regarding offshore tax avoidance schemes was not against the human rights of those involved. The case centred round a self-employed IT contractor who was hit with a £100,000 tax bill by the UK authorities relating to income received through an offshore tax scheme....Read More
Mobile users to be able to switch contracts without penalty
24/10/2013 Ofcom have announced changes which will mean mobile users will be able to switch contracts without paying a penalty in the event of their contract provider increasing prices mid-term. The regulator further announced that any price increases, even if their within the level of inflation, will have to be clearly communicated with customers a minimum of 30 days before the price change...Read More
Life Insurance ‘Too Expensive’ for Brits
Research from Beagle Street has found that Brits are shunning life insurance policies in large numbers, because they believe it is ‘too expensive’ 39pc of people who took part in the research claimed they felt that life insurance policies cost too much, despite the fact that prices start from just £3 per month. This means that more than half of British adults are at risk of leaving their...Read More