Consumers "failing to invest" in critical illness protection
www.moneynews.co.uk > Insurance > Consumers "failing to invest" in critical illness protection
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Consumers "failing to invest" in critical illness protection
Wed 30th May 2007
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Richard Jones, interim protection manager for Scottish Widows, believes that although the need for such protection is greater than ever, people are "failing to invest in the valuable protection that they and their dependents need".
The group has also showed that the percentage of claims declined by the group has reduced from 16 per cent in the year up to October 2006 from 18 per cent in the previous 12 months.
The group suggests that the main reason for a claim being declined is due to non-disclosure of material information when the policy was taken out as well as the claim not meeting the policy definition.
Mr Jones said that Scottish Widows has been working to "address the issue of declined claims" by making application forms clearer for customers and also by improving the clarity of illness definitions.
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