General Insurance Article - A timely reminder to check insurance cover pays off


Low levels of claims during times of critical illness and recovery has prompted Phoenix, the UK’s largest specialist consolidator of closed life and pension funds, to contact one million life and protection customers and remind them of the cover they hold with Phoenix.

 David Woollett, Customer Director at Phoenix Life explains; “Often when taking out insurance policies, customers will opt for additional protection such as critical illness cover, income protection or a death benefit.

 However, as time passes, customers can forget exactly what their entitlements are. When they do, they risk losing out on much needed funds, often at times when they need the money the most.”
 
 Phoenix provides customers who currently receive an annual statement with an expanded version that lays out the various protections they have, and those who don’t receive annual statements have been written to with a specific explanation of their entitlements.
 
 Since implementing the programme in 2015 to remind customer of their benefits, Phoenix has seen an upsurge in customer contact, and some people have received significant pay-outs, while others who have been contacted have decided they no longer need their policy and have gone on to cancel it. Customers are able to make more informed decisions about the policy that is right for them and to benefit from the cover they have.
 
 Two beneficiaries of Phoenix’s initiative to remind customers of their critical illness benefits include Mr Z and Mr W.
 • Mr Z has suffered from prostate cancer since 2013. He contacted Phoenix via the Scottish Provident Ireland book of business to make a claim. After verification of his diagnosis Phoenix paid him approximately £111,319.
 
 • Mr W received a letter from Phoenix and contacted the company within a week to ask for a list of the critical illness conditions covered by his policy. Shortly afterwards, Mr W, who suffers from Parkinson’s disease, made a claim. The Phoenix claims team obtained medical evidence to support the diagnosis and backdated the claim to 2008. A payment for approximately £57,000 was made to the customer.
 
 David Woollett, Customer Director at Phoenix Life continues: “Falling ill can be incredibly stressful, both emotionally and financially. Policies often contain protection for illnesses and anyone suffering a long-term illness should check what their policies cover.”
  

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.