Bulletin 14, 2007
Round up
0.7% - the average increase in UK house prices in July according to Halifax
6% - the average discount available for vegetarian's on Animal Friends Insurance new life cover plan
8 - the number of term life insurance rate changes since last bulletin (Norwich Union, Bright Grey, Scottish Equitable, Liverpool Victoria, Friends Provident, Royal Liver, Legal & General and NU again)
12 - the number of official health events in September, including World Alzheimer's Day and National Blood Pressure Week
19% - the increase in the amount of fraudulent applications made to the credit and insurance industry in the first half of 2007 compared to the same period in 2006, according to CIFAS
New Journalist competition
A silly bit of fun to win a crate of wine.
In the week that vegetarian life cover hit the headlines we're asking if you can think of a country or place that can be amended to include a food type, vegetarian or otherwise. For example, Hamerica, Porktugal and so on.
Don't ask why because I don't know, but it's a bit of fun and the best one wins. Just reply to this email to enter. Good luck!
Protection press watch
We saw 24 positive term life insurance and protection articles in the consumer press in July including the Sunday Telegraph, Mail on Sunday, The Scotsman, Yorkshire Post and on BBC radio.
Comments of the week
'We have always paid a proportion of the sum assured under life insurance and protection claims where there has been inadvertent non-disclosure.'
L&G claims and underwriting director Russell Whitworth
'It is vital that consumers have an understanding of the life insurance cover they are taking out. Over the years we have been working with advisers to ensure that the information we provide about our critical illness cover is clear, and so it is really encouraging to see a steady increase in the percentage of claims paid. '
Ian Brown, Head of Protection Marketing, Skandia
Hero of the week
Skandia
Since the launch of Skandia’s critical illness contracts in 1991, a total of 2033 claims have been paid with the total payout now £195 million. Overall, 89% of claims have been paid, with 2% being declined due to non-disclosure and 9% declined due to the definition of illness not being met.
Cancer remains the most common condition, accounting for 51% of critical illness claims. This is followed by heart attack (13% of claims) and death claims under critical illness policies at 13%. 58% of female cancer claims were for breast cancer. 15% of male cancer claims were for prostate cancer, the majority of these (59%) for low-grade prostate cancer. This continues to be covered under all Skandia critical illness policies with a partial payout of the lower of £10,000 and 20% of the critical illness policy sum assured, despite being removed from the ABI definitions in 2003. Following such a payout cover continues as before.
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