Life Insurance News: Norwich Union attempts to increase claim pay out
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Article Published: 03-Jul-2007
Norwich Union has charged itself with the task of attempting to reduce the number of claims for critical illness and life insurance that are rejected. Customers may be faced with the possibility of an invalid claim, despite paying all premiums.
Thousands of its existing policyholders will be contacted and invited to review their original applications and advise the company of any changes to their medical details which are missing from the original application and whilst this may make a change to the premium, at least the policy will not be faced with an invalid claim due to non-disclosure.
The director of Norwich Union’s risk products, Willie Mowatt, said: “While the majority of valid life insurance and critical illness claims are straightforward and paid out in full, unfortunately a percentage are rejected because customers have not disclosed their full medical history and as a result their policies are actually invalid.
“We want to be able to clearly advise people who think they may have non-disclosed how to proceed if they believe they may have missed something off their application form. We feel this is the right approach to try to help customers prevent non-disclosure in the event of a claim.”
Source: Insurance-4-life.co.uk
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