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L&G reduces non-disclosure rates and pays more claims

Legal & General has reduced the number of critical illness claims declined due to non-disclosure to just 4 per cent.

Figures released by the provider today reveal claims declined for non-disclosure has dropped from 8 per cent to 4 per cent.

L&G also paid 5 per cent more claims, up from 88 per cent to 93 per cent, totalling over 2,000 claims. The average claim paid out was £550,000, with total paid claims reaching £146m.

L&G managing director of protection Bernie Hickman says: “This is further evidence that Legal & General pays out when customers need it most, which is what really matters to a policyholder.

“Advisers should consider this as one of the most important factors when recommending critical illness cover to their clients. Our claims history demonstrates that the measures taken to reduce declined critical illness claims are working. In the last five years alone we have paid out almost £500m in critical illness claims to our policyholders.”


Bond master

Last month witnessed huge amounts of money being withdrawn from banks and building societies. Interest rates are so incredibly low that the average instant access account now pays 0.86 per cent. Building society savers are effectively being forced elsewhere in search of better returns.

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The Bank of England this week entered into its first bout of quantitative easing but it appears UK investors may have failed to take the bait.

Printing cash widens gap

The pension deficit of UK companies has soared by £100bn to a record £390bn due to the Bank of England’s quantitative easing programme, according to Hargreaves Lansdown.


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