You are here: Home - Insurance - News -

Insurance companies to pay more claims

0
Written by:
10/01/2008

Insurance companies have revealed that they will pay more claims for critical illness, income protection and life insurance where medical information has not been disclosed, unless the customer deliberately withheld it.

This important commitment will lead to a further fall in the number of declined claims.
Where relevant information has not been provided, insurers will pay customers a fair sum, reflecting risk and premiums paid. In a small number of exceptional cases, premiums will be refunded if the insurer would not have taken on the policy if they had known the full facts.

This new commitment follows recent improvements in policy application forms and clarity of communication to customers. These are already leading to a fall in the number of declined claims for protection policies.

Stephen Haddrill, the Association of British Insurer’s director general, said: “Customers want to know that their insurance claim will always be assessed fairly and paid without fuss.

“The industry wants customers to be able to take out insurance with confidence. Insurers have now signed up to ensuring both of these happen. The number of protection claims that are turned down will fall.”

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
FEATURE: Energy prices set to soar

With Npower hiking energy prices, other energy suppliers could be set to follow suit. Yourmoney.com surveys the utilities landscape

Close