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."
Why Are Road Users Such Easy Targets For The Government?
Those who drive a motor vehicle will have seen the cost of driving spiral over the last few years and while it would be nice to say we are at the top of the market, this does not seem to be the case. The government may have postponed the latest fuel tax rise but they are pushing ahead full steam with a massive increase in vehicle road tax, something which could see some drivers paying double or t...Read More
Fat folk pay more premiums
Obese people may find that they are unable to purchase full life insurance policies or could find that their premiums are raised, according to the Association of British Insurers (ABI).Although losing weight could reduce premiums in the long-term, serious obesity, which constituted a massive health risk, if undisclosed at the point of application could lead to refusal when people attempt to make a...Read More
State-controlled banks to miss lending targets
In another bitter blow for the UK government it has been revealed that both Royal Bank of Scotland and Lloyds bank will miss their lending targets which were enshrined as part of the conditions for obtaining substantial state aid just a few months ago. Royal Bank of Scotland, 70% owned by the taxpayer, was instructed to lend an extra £25 billion this year with Lloyds bank, 43% owned by the taxpay...Read More
Problem debt has massive cost on UK economy
08/10/2014 Problem debt cost the UK £8.3 billion through the damages it causes to peoples lives, a leading debt charity has claimed. StepChange debt charity has said that due to the problem of debt damaging family life, mental and physical health, productivity and employment prospects it comes as a massive detriment to the UK economy through costs to the welfare state, the NHS, local governm...Read More
Teaching the kids how to handle money
In schools today we teach children about maths, about careers, about languages and many other elements which may or may not be used in their later life. However, there is a distinct lack of financial appreciation once many children leave school and move into the big world where they are left to fend for themselves. In reality, it is up to parents across the UK to educate their children about every...Read More