Aegon has released its rejected claim statistics for the first time, showing that it paid out on 72 per cent of critical-illness claims overall last year.Across all product ranges, Aegon-owned Scottish Equitable Protect paid out on 82 per cent of claims in the year to September 30, with payouts tot-alling 22m. Of the 18 per cent of the claims that ScotEq declined, 83 per cent were rejected on non-disclosure grounds, with the remainder rejected because clients’ illnesses did not meet policy definitions or a policy exclusion applied. ScotEq Protect’s rejection rate compares with just 2 per cent by Skandia last year. ScotEq Protect says it would expect 65-80 per cent of CI claims to be paid out on its book, which is five years old, but says the firm, like other product prov-iders, is always reviewing its application form to improve transparency and cut the number of rejected claims. The firm says it is splitting its book into new Scottish Equitable Protect and mature, comprising the business inherited through Guardian Financial Services. Head of marketing Rod McKie says: “We hope that, by publishing both sets of fig- ures, we can help demonstrate the difference between a new book of business and a mature book. It is an important consideration and one that should be fully understood when comparing different companies’ facts and figures.” ScotEq Protect says claims on mature books older than five years are not routinely checked for non-disclosure. Guardian Financial Services paid out over 99 per cent of claims, totalling 501m. Less than 1 per cent of claims did not pay out, with most rejected for were for non-disclosure while the remainder were for claims outside the policy’s cover or a policy exclusion.
Prudential is adding a further three trusts to its inheritance tax planning product suite and is arming advisers with revamped sales aids. An excluded property trust, lifetime nil-rate band trust and discounted gift trust are being launched by Pru to bring its range to a total of 16 trusts. The excluded property trust is aimed […]
The ABI has scuppered rumours that it is pulling out of pensions minister Stephen Timms’ challenge to propose an industry alternative to the national pension savings scheme. Timms challenged the industry to put forward a viable alternative to the 0.3 per cent management fee scheme proposed by the Pensions Commission but ABI members agree that […]
Insight has addedPaul Dagger, John Humphries and Gareth McMaster to its intermediary sales team.
Company has until end of February to close capital gap
Johnson Fleming’s current charity of the year is CLIC Sargent: the UK’s leading cancer charity for children and young people, and their families.
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