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Bulletin 5, 2008

Round up

2.5 – percentage that house prices fell by in March, according to the Halifax
4 - the number of Life Insurance rate changes since the last bulletin (AEGON, LV =, Legal & General, Scottish Provident)
5 – the number of years Life Office, Bright Grey has been in the protection market.
23 – the percentage of 24-34 year-old homeowners who are worried about experiencing negative equity as a result of falling property values in 2008, according to Fool.co.uk.
5013 – total number of Life Insurance and Protection cases LifeSearch have placed with Bright Grey during their 5 years in the market
370,000 – the number of customers whose insurance details HSBC recently lost on disc
335m – the value of new Life Insurance and other UK protection business that Legal & General wrote in Q1 2008

Comment of the Month

"We have a clear philosophy and a proud history of paying valid life insurance claims quickly - as a protection office, our overall mission is to pay insurance claims. We think it’s right to highlight where claims have been declined and the reasons for that - greater awareness - should ultimately lead to greater consumer understanding and confidence."
Peter Hamilton, Zurich’s UK Life’s Proposition Management Director, commenting on the release of their Critical Illness claims statistics for 2007.

Protection Press Watch

In the last month we've counted at least 14 positive and balanced life assurance and protection articles in the consumer press. The consumer titles most likely to cover protection were The Express and The Telegraph.

Heroes of the Month

Pioneer…
…who have not only published a new set of Income Protection stats for 2007, showing that they paid out on 96% of income protection claims, they have also called for more Income Protection providers to do the same.

It is bizarre that the industry complains not enough people buy income protection, while at the same time many companies are refusing to disclose how frequently the policy pays out. Keeping quiet convinces no-one, openness and transparency does.

Bright Grey…

…who are celebrating their 5 year anniversary of being in the protection market. To coincide with this they have launched their first set of claims statistics. The figure show they paid out 82% of Critical Illness claims and 85% of Life insurance claims. Since launch, Bright Grey has paid over £20m in life cover and over £14m in critical illness cover.

It’s also good to hear that over 86% of Bright Grey's customers who claimed in the last 12 months used its Helping Hand service. This is supplied by RED ARC and offers claimants access to a fully qualified nurse, home visits, counselling and a range of complementary therapies at no extra charge, as well as a financial payout.

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