Life Assurance round up for 2007
Round up
6 - The number of life insurance rate changes announced since the last bulletin (Royal Liver, L&G (x2), Axa, Friends Provident and Scottish Provident)
21.6 - The average number of days taken to accept Life Insurance applications that are tele-underwritten
34.3 - The average number of days taken to accept Life Insurance applications made by paper
£68.7m - The total value of critical illness cover claims paid by Scottish Equitable (to 31 Aug 2007)
Hero of the week
Scottish Equitable
Who recently joined a small but growing number of providers who have published Income Protection claim statistics.
From Sept 2006 to 31 Aug 2007 the company paid Income Protection claims to the value of £4.35m, including 84 new Income Protection claims. 14% of claims were in the retail services industry, 13% were from the building trade and 13% were professional.
The overall Income Protection claim approval rate was 85%.
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