Recent research from insurance company Norwich Union shows that consumers in the UK need to be more thorough when filling out life insurance forms to avoid claims being rejected. According to Norwich Union, UK consumers are the most likely to omit information about any treatments they have had, the current treatment they are receiving and whether or not they have suffered from depression.
Norwich Union claims that although 2005 figures were lower than 2004, the company still had to reject one in 10 life insurance claims due to non-disclosure by consumers. According to Tony Jupp, chief underwriter at Norwich Union:
“It is vital that people take great care and attention in completing these forms as the information they provide will form the basis of any life insurance policy they are offered. If applicants do not share the requested information with their insurer, they will be it is likely that they have voided their policy and if they make a claim it may be rejected.”
He added that such situations would make it more difficult to get a life insurance policy with an alternative insurance company.
The survey comes a month after insurance company Bright Gray announced findings that two-fifths of people in Britain believe life insurance premiums are the most important form of insurance cover to own. However, Bright Gray’s research also found that, when it came down to it, consumers were more likely to purchase other insurance policies. In fact, nearly three-quarters of those surveyed claimed to have home contents insurance, while two-thirds claimed to have travel insurance for their holidays abroad. But only one in ten respondents claimed to have purchased insurance against loan repayments.
Roger Edwards, director of product at Bright grey, stated that buying life insurance “is key when it comes to planning for the future well”, claiming that for many consumers “financial acumen seems to have gone out the window when deciding which buy life insurance”. Indeed, this lack of information at the decision-making stage deters many people in their search for life insurance. However, there are several means by which life insurance seekers can compare the life insurance policies on the market and it is increasingly necessary to take full advantage of these means to make the right choice.
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