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."
House Repossessions Soar 40% In First Quarter
News that the number of homes being repossessed has risen from 6,471 in the first quarter of last year to 9,152 in the first quarter of 2008 has spooked many in the market and is likely to have an impact for some time to come. Experts forecast that the figure will rise even further over the next 12 months with the full extent of credit crisis yet to hit home. So what impact will this have upon t...Read More
Can Centrica Snatch British Energy
While the British Energy EDF seems long dead and buried it looks as though Centrica, a junior partner in the original takeover deal, might fancy its chances of taking the group over by itself. It has also emerged that the group had put forward the idea of an all share merger earlier this year but this seems to have been discounted because of a lack of cash in the offer.
Will the Greek crisis affect the UK?
As confusion reigns regarding the Greek debt crisis there is concern about a potential increase in the cost of debt for the UK government. This comes at a time when the UK is £1.3 trillion in debt with a budget deficit of around £160 billion which is unlikely to fall below £80 billion a year over the next four years. As a consequence, the UK government will need to refinance large chunks of nat...Read More
Scottish Power latest energy company to increase prices
24/10/2013 Scottish Power has raised electricity prices by an average of 9%, whilst gas prices are expected to rise by an average of 8.5%. The price rises will become effective from 6th December 2013, just in time for the Christmas period in a move that follows a dramatic price increase from British Gas to become the fourth major energy supplier to increase their prices. It is believed that...Read More
Cutting the cost of your car insurance
To many people car insurance is daylight robbery in many ways, you cannot get away without it, the premiums keep rising and more often than not you do not receive the amount you thought your car was insured for in the event of an accident. So how can you reduce your car insurance while retaining the cover that is applicable to you?
There are many ways to reduce you cover which incl...