High end life insurance claims less likely to pay out

Tue, 15 May 2007

Fresh research by a site that offers services to IFAs (Independent Financial Advisers) has found that higher value life insurance claims are less likely to get a payout from life insurance companies .

According to threesixty, the level of claims that insurance companies accept and reject differed by £10,000. The company followed the payouts of 12 major firms up until March 2007, and discovered that higher value claims were less likely to be accepted.

The greatest reason for rejecting a claim was cited as non-disclosure. Apparently, over 99 per cent of life insurance claims were rejected due to failure by the applicant to disclose aspects of their medical history.

The need for truth in life insurance policy applications is further reiterated by the results. Consumers seeking life assurance or critical illness cover must disclose all medical conditions.
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