Zurich achieved a 97% pay-out rate overall on critical illness, income protection and life insurance policies over the first six months of 2017 - paying out £121.6m to almost 2,000 customers.
The ratio matches that of the insurer's group income protection payment rates for 2016, which it published for the first time earlier this year. Cancer was the most common reasons for a pay-out in the latest figures, accounting for more than half (53%) of claims. Breast cancer alone triggered nearly 30% of claims while, for children, cancer and leukaemia were the most common causes of a pay-out. Behind cancer, heart attack (13%) was the next most common cause, followed by stroke (7%) and...
The Financial Ombudsman Service (FOS) will maintain its current funding model for the next financial year despite recognising it is unsustainable in its current form.
The FCA has confirmed that, while businesses will have to identify certified staff from day one under the Senior Managers & Certification Regime (SM&CR), they will have a year to complete fitness and propriety assessments.
Scott Cadger runs through the four most common reasons people give for not taking out critical illness cover - and some suggestions on how advisers can offer reassurance on each in conversations with clients
The Financial Ombudsman Service (FOS) has sought to provide clarity regarding any potential confusion over the products advisers should recommend to clients to cover a decreasing loan or mortgage.