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."
Great British energy meter rip off revealed
Switching to a credit meter and paying by monthly direct debit could save prepayment customers up to £135 on their energy bills a year, according to new figures.Research by Simply Switch shows a prepayment household in Manchester using British Gas for gas and Powergen for their electricity currently pays £635 a year for their gas and £400 a year for their electricity - a total of £1035.However...Read More
British Gas customers facing further price hikes?
British Gas customers could be facing further price hikes amid soaring wholesale energy prices. In January, the energy giant imposed a 15 per cent increase on its tariffs, bringing the average annual dual fuel bill to £1,055 - a rise of £143. Meanwhile, bills for direct debit customers increased by an average of £131 to £968.Now a statement from the firm's parent company Centrica has suggested...Read More
Inflation drops to 1.7%
25/03/2014 The UK’s inflation rate fell to 1.7% in February, down from 1.9% the previous month. The rate of inflation in the UK, which is measured by the Consumer Prices Index (CPI), fell below the Banks of England’s 2% target for the second consecutive month One of the major factors which caused the drop in inflation was the price of petrol and diesel. According the Office for Nation...Read More
Will Yahoo follow Google out of China?
Over the last few hours it has been revealed that not only was Google (China) the victim of a sustained cyber attack, allegedly from Chinese state employees, but Yahoo (China) was also a target of the attack. Google is currently considering its position in the country with the potential that it could abandon its Chinese operation because of strict censorship by the Chinese authorities. But will Ya...Read More
Have you thought about your pension?
It is becoming more and more apparent that the gap between the haves and the have-nots is set to grow dramatically in the UK over the next few years. Already we have seen signs that those with assets will need to downsize and dispose of some of these assets to fund their retirement, while those who have relied upon the state for many years will still be supported in the future. So have you thought...Read More