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."
Does it really cost £14,400 a year to maintain a basic standard of living?
A report by the Jacob Rowntree Foundation yesterday cast a dark shadow on low-income families in the UK who appear to have been left high and dry by previous governments. The report suggested that a single person requires in excess of £14,400 a year to maintain a basic standard of living and for a couple with two children this figure is just over £29,000. So are these figures believable? Ther...Read More
How will the Conservative party react to the pre-budget report?
The pre-budget report contained a number of ticking time-bombs for the UK taxpayer but also a number of traps for the Conservative party to consider. The new 45% tax band is nothing more than a gesture as it will only raise in the region of £5 billion a year but it puts the Conservative party in a difficult position. If they are seen to fight the introduction of a new tax band this will alienate...Read More
Lloyds bank agrees to stop PPI sales
Lloyds bank has today agreed to withdraw PPI, payment protection insurance, from the list of services provided by the group. Earlier this year we saw the regulators suggesting that the way in which PPI is sold to the general public should change in the future. A cooling off period and a more detailed analysis of the total cost of PPI, together with discussions regarding the fact that many consumer...Read More
UK supermarkets refuse calls for ombudsman
The UK supermarket sector could be in for a serious shakeup in the short to medium term after news that the big four, Tesco, Asda, Sainsbury's and Morrisons, all rejected calls from the competition commission to set up an ombudsman to monitor the relationship between retailers and retail supplies. The call for the creation of an ombudsman came after a two-year investigation into the industry which...Read More
Take control of your debt
07/01/2014 Feeling as though your money (or more specifically the amount you owe) is out of control can be a frightening and often isolating experience. You are certainly not alone if you fear you have become trapped in a cycle of debt, but continuing to ignore the situation will only make matters worse. With some good advice you can get back in the driver’s seat, create a budget and start ta...Read More