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."
Cadbury melts into the arms of Kraft Foods
Cadbury and Kraft Foods today issued a joint statement confirming they were "finalising the terms of a recommended offer" which is believed to be the region of £8.50 a share. The recommended offer is expected to be announced today ending 150 years of independence for the UK chocolate giant. But is this the end of the game? Despite rumours that US outfit Hershey is waiting on the sidelines with...Read More
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With Profits Policy Holders Vent Their Anger
For many years the with profit insurance policy was seen by many as a means of saving for the future with funds invested in the economy and additional profits added each and every year - profits which could not be reclaimed by the insurance companies. However, a report from Money Management has shown that with profits investments are no where near as lucrative as many people believe.
UK government is looking at £20 billion of loan guarantees
As Gordon Brown digs deeper and deeper to try and refloat the UK economy it has been revealed that this Wednesday should see a £20 billion small business loan guarantee system announced to the public. There have been a number of hints by the government over the last few weeks regarding such a scheme although the Conservative party believe that a figure of up to £50 billion is more useful in the...Read More
ECB causes concern in international markets
The European Central Bank (ECB) was yesterday a major figure of disappointment for investors around the world after refusing to extend its special liquidity measures. These measures will expire today and many European companies are still struggling to obtain additional funding via money markets and interbank lending and had been depending upon the ECB's special liquidity program. So what next?...Read More