titleInsurance Companies Improve Protection Insurance/titlecategory1/categoryp class=MsoNormal style=margin: 0pt;
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span style=font-family: Arial;span style=font-size: small;Most experiencedlqualifiedspan style=mso-spacerun: yes;nbsp; /spanfinancial advisors would agreethat Protection Insurance is fundamental to the majority of families, whether it may be a safeguard in the event of cover for an accident, loss of employment (especially in the present economic climate), prolonged illness or premature death./span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small; a href=http://www.life-insurance-abc.co.ukLife Insurance/a is the foundation of all financial assurance for cover for a mortgage or to ensure a lump sum that is not taxable, in the eventuality of death.span style=mso-spacerun: yes;nbsp; /spanRegrettably, a percentage of other Financial Protection Insurance types, do not have the samedo not have similar} sound qualities and have been branded as being miss-sold.span style=mso-spacerun: yes;nbsp; /spanAlso, based on what we know, critical illness cover has suffered due to startling omissions from insurance policies making it possible for insurance companies to reject a claim even if it is genuine./span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;In spite of this, a little confidence was re established when Norwich Union reported on the conclusion of claims on Critical Illness policies on their half yearly statistics.span style=mso-spacerun: yes;nbsp; /span/span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;Critical Illness claims were being rejected because people did not reveal their full medical history.span style=mso-spacerun: yes;nbsp; /spanAs a result Norwich Union span style=mso-spacerun: yes;nbsp;/spansays that in the last 5 months the amount of rejected claims has reduced substantially from 6.7 per cent in the last year, to 1.5%./span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;Why?span style=mso-spacerun: yes;nbsp; /spanWe believe, not simply Norwich Union but all of the insurers, because of damaging publicity, have been placed in a situation whereby they must diminish the number of claims that are rejected. Does this prove how forceful the media can be?span style=mso-spacerun: yes;nbsp; /spanDebateable perhaps - you may think we are doubtful but we think there are other issues that urged the insurance companies to make adjustments.span style=mso-spacerun: yes;nbsp; /spanA short time ago, as a consequence of |bad press|dire media}, sales of Critical Illness Insurance policies span style=mso-spacerun: yes;nbsp;/spanhave dropped which in turn has noticeably influenced the insurers profit. This is most likely to have been the vehicle to further change!/span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;Scottish Provident, Friends Provident, Axa and Norwich Union have initiated some major alterations specially designed to diminish their rejection rates. Firstly, they silhouette clearly that all medical disclosure, however insignificant a visit to a Doctor may have been, must be includedmade known.span style=mso-spacerun: yes;nbsp; /spanAxa, among others will get a Doctor or Nurse to phone every candidate to go through all the particulars of their medical history. span style=mso-spacerun: yes;nbsp;/spanIf the policy then goes on risk, some policyholders are being reminded that it is important that they give complete health disclosure and they are permitted to add or correct any information on their application. /span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;The Insurance Company may then re-assess the risk and if it is believed to be increased the monthly premium will probably be increased ndash; which appears more reasonable and eventually more appropriate than paying the original payment then having a claim rejected due to non-disclosure of medical records./span/span
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p class=MsoNormal style=margin: 0pt;span style=font-family: Arial;span style=font-size: small;These measures should have been applied by the insurers years ago as the publicrsquo;s concept of Protection Insurance has deteriorated by their somewhat lsquo;Off the ballrsquo; approach. Without doubt, there is a clear and necessary need for protection insurance so we can hope that it manages to reinstate faith and then the esteem it duly deserves. span style=mso-spacerun: yes;nbsp;/span/span/span