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."
Have You Protected Your Income?
A survey by the Yorkshire Building Society has laid bare the full hardship which many in the UK will experience if they were ever to lose their jobs. It seems that the vast majority in the UK are totally unprepared for the possibility that they may see their income disappear if they were unable to work. In a nightmare scenario it is forecast that the average Briton would only last 52 days in the...Read More
How should the government tackle the problem of unemployment?
The UK government has caused some controversy this week with the announcement of schemes which will see graduates paid to work overseas on projects such as building schools and a £1 billion fund to effectively create "non-jobs" to give young unemployed people experience in the workplace. The schemes are funded by UK taxpayers at a time when the vast majority of UK taxpayers are struggling to make...Read More
Opening hours this Christmas at Financialadvice.co.uk
15/12/2014 Over the next couple of weeks our opening hours are set to change. If for any reason you still need to get in touch with us over the Christmas break, you can still ask us a question online, call us and leave a message or send us an email; one of our fully qualified financial advisers will get in touch when our offices re-open. Our Christmas opening hours are as follows: 1st- 2...Read More
Ofgem criticise energy suppliers complaints handling
29/09/2014 Over half of people who complain to their energy suppliers are not satisfied with the way their complaints are handled, according to new research. The report came from the Office of Gas and Electricity markets, (Ofgem), an independent National Regulatory Authority who protect the interests of existing and future electricity and gas consumers. The research claims that 57% of domes...Read More
So is the threat to the UK financial markets for real?
The revelation that UK financial outfit Tullet Prebon has given traders the option to relocate their trading desks overseas has been seen by many as a shot over the bows of the UK government. This is the opening shot of what promises to be a very high risk and a very real battle between the UK government and the UK financial sector. However, when you bear in mind that these financial companies tak...Read More