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."
MPC expected to maintain rates at 0.5%
The Bank of England MPC is this week expected to maintain UK rates at 0.5% despite the fact that Mervyn King has gone public on his concerns about inflation. The Governor of the Bank of England has until now been fairly bullish regarding medium to long-term hopes for the UK economy although last week we saw him take a step back from this optimism amid concerns that inflation is not falling as quic...Read More
Is the EU expansion policy fatally flawed?
The ongoing problems in Greece and potential issues regarding Spain and Portugal have highlighted the major expansion push instigated by the European Union over the last few years. This is a policy which has seen many relatively small countries join the European Union and tap into additional funding to finance changes within their own boundaries. However, was the European Union too quick to hand o...Read More
Household Incomes still at pre crisis level
04/03/2015 The Institute of Fiscal Studies (IFS) has found that average household incomes are only at the same level that they were before the 2008 financial crisis, and are still more than 2% below their 2009/2010 peak. Incomes for working age people are actually below the 2008 level, after adjusting for the impact of inflation. The report said that only people aged over 60 will have higher...Read More
Is the government planning to overshadow the Tory Party conference?
As we await news from the Chancellor with regard to the future of Bradford and Bingley (even though it seems as though most of the details have already been leaked) there is a growing suspicion that the government is looking for political gain with regard to the expected announcement. All of the journalist have their pens at the ready and are waiting to write the news about Bradford and Bingley,...Read More
Mortgage approvals rise in September
It has been announced that mortgage approvals in the UK rose from 32,000 in August to 33,000 in September, a substantial improvement on market expectations.
This is the first increase in actual mortgage approvals since 2007 and while still a third down on levels for last year thankfully the figure has not fallen any further. This would however indicate further substantial pressure o...