View more on these topics

Standard dismayed at 14% claim refusal rate

Standard Life paid out 9.8m in critical-illness claims in the first half of this year and says it was disappointed that 14 per cent of claims were declined.

Six per cent of claims were declined because the claim did not meet policy definitions and 8 per cent were declined due to non-disclosure.

At point of claim, 60 per cent of policies had been in place for more than four years.

Sixty per cent of claims paid were for cancer followed by 11 per cent for heart attacks and 8 per cent for multiple sclerosis. The biggest claim paid was 300,000.

Sixty per cent of claimants were aged between 40 and 59 while claimants aged 39 and under accounted for 32 per cent of claims.

Protection marketing manager Mick James says: “Critical-illness policies continue to play an important role as part of consumers overall protection needs. These policies are designed to pay out in the event of life-changing events and, in the majority of cases, they do just that.

“However, the level of declined claims is disappointing. Hopefully, the work of the ABI, through the statement of best practice, will help to reduce the number of declined claims and start to rebuild trust in an industry which strangely enough does not like to decline claims.”

Recommended

Halifax launches legal services advice initiative

Halifax is to offer customers access to everyday legal products such as wills and expert legal advice.The group believes it is the first major high street financial services provider to offer such a service which customers can access for an annual membership fee of £89.Members will have unlimited access to legal services either online, or […]

Regulator rocks on

The FSA’s rock band is making a come back at this year’s Compliance Register OStCaR awards although there are a few line-up changes since last year’s epic performance which included classy covers of Alice Cooper’s Poison and the Stones’ Jumpin’ Jack Flash. The night will also feature the immense vocal talents of Compliance Register’s Ben […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com