Skandia says only 2 per cent of critical-illness and death claims it receives are not paid due to non-disclosure of relevant information on application forms.Overall, 79 per cent of claims see payouts. Eleven per cent of claims are not paid because the illness does not meet the definition of the policy and 8 per cent are withdrawn voluntarily by the client. The figures relate to the year to December 31, 2004. This is the first time that Skandia has released protection payout figures, joining Standard Life, Friends Provident and Scottish Provident. Liverpool Victoria, Scottish Widows and Norwich Union all intend to publish figures this year. Skandia has paid out a total of over 130m on 1,323 claims. Cancer accounts for 59 per cent of claims, followed by 14 per cent for heart attacks. The average age of claimants is 45. Cancer is also the most common cause of claim for children, accounting for 69 per cent of claims. Skandia has paid out 1.2m on 65 claims for children, who are automatically covered in Skandia Protect at no extra cost. The data is being released as a sales aid for advisers. Skandia says it is launching a tool on its extranet service which enables advisers to segment claims data by sex, age, occupation and claim type. Consumer guides have also been given to advisers to distribute to clients. Protection marketing manager Alison Turner-Holmes says: “Non-disclosure of historical conditions on application forms is very rarely deliberate by the adviser or client. We believe our claims data can help financial advisers highlight the benefits of protection.” Lifesearch senior technical adviser Kevin Carr says: “The other life offices which have five or more years of claims’ history – where are your non-paid claim stats? And what about income protection claim stats next?”
LibDem Shadow Chancellor Vince Cable has ended his campaign for regulation of buy-to-let mortgages but warns that amendments to the Regulation of Financial Services Bill are still needed to protect consumers. Cable says, after industry consultation, he now accepts the Government’s argument that regulation of buy to let is not appropriate. But he says the […]
Pink and Derbyshire are launching a non-conforming mortgage range, signalling a move by the society to diversify into niche areas. The range features loans from near prime through to heavy adverse and will be distributed and packaged exclusively by Pink. This is a significant move for Derbyshire, which has so far concentrated on sub-prime by […]
Mortgage intermediary network HL Partnership has signed a deal with Direct Life and Pensions Services.This means HomeLoan Partnership appointed representatives will be able to access protection products from a single on-line point of access as well as the express underwriting service.HL Partnership managing director Martin Cave says: “I see this as a very significant step […]
A Tamworth mortgage and general insurance broker has been refused a consumer credit licence by the Office of Fair Trading. Tamworth-based Peter Collinson had been struck off the Roll of Solicitors by the Solicitors Disciplinary Tribunal for misappropriation of clients’ funds and other related offences according to the OFT’s adjudicator.
Artemis Pan-European Absolute Return Fund manager Paul Casson discusses his outlook and explains how he has positioned the fund for 2017. Click here to watch the video
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National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]