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Recent stories in the press have again lambasted the insurers over critical illness insurance. The core problem is that a critical illness claim is not as straightforward as, for example, a claim under life insurance. With life insurance it’s going to be hard for the insurance company to argue that you’re not dead!

By their very nature, critical illness claims are much more complicated. The insurer will need to satisfy itself that the claim is validated in three key areas before it meets the claim: -

Has the illness been correctly diagnosed?

Is the confirmed illness included in the schedule of insured critical illnesses covered by the policy?

Did the policyholder fully disclose their medical history and current state of health on their original application form?

On the first point, it’s obviously in the policyholder’s interest to verify the medical diagnosis - so there’s rarely ever any conflict between the insurance company and the policyholder on that issue. It’s the next two areas which the insurer needs to validate, where conflicts seem arise.

With constant development in the medical knowledge, from time to time there can be some situations where validation falls into a grey area - a policyholder will argue that their specific illness is insured whereas the insurer will argue that it isn’t. Insurance companies are aware of this problem and they often change the wording in their policies in an attempt to clarify the scope of the cover and eliminate areas for dispute. Nevertheless, disputes do happen all too frequently and sparks fly when a policyholder thinks his illness is covered but the insurer disagrees.

A case in point comes before the Courts shortly. Mr Hawkins from Staffordshire is suing Scottish Provident for

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When we start being referred to as a “senior citizen,” we cringe at the thought of not having steady income. Of course there are perks to retired life - including vacations, sleeping in, and not having to answer to anyone else. Yet with so many perks comes a stressful fear that we just won’t have enough money. Auspiciously, there are different ways that you can pick up additional cash. For some, this may be drastic, but it will satisfy your money hungry needs.

Life insurance settlements are one way to put more money in your pockets. This happens when a senior citizen does not want their settlement plan and decides to give it up. Instead of giving it back to the actual insurance agency, the senior citizen instead decides to sell it to a financial company. This way they will immediately get money for selling such a life insurance plan.

While this may sound like a great idea, it is important to note that there are rules when life settlements are on your mind. For example, one must be at least over 65 years of age. Each company also varies in the price they will pay for your life insurance. Just purchased your life insurance plan but want to make money instead? The majority of companies state that they will not buy your life settlement unless it has gone over the mandatory two year period.

If you feel that life insurance settlements are too complicated to understand, it is actually easier once you break it down. The first thing the person with the life insurance needs to do is fill out a form. Most businesses require that you have a medical examination, as well as other procedures done. Nevertheless, you then are able to see the quote from the company, if you were to sell your life settlement. Providentially, this quote is far higher than what your insurance agency would offer you.

The next thing that is required is to find a buyer for the life settlement. Usually the lowest bid is chosen because they will actually generate more revenue this way. Once the buyer is found, the life settlement will actually transfer to their name. This way both involved parties will be happy.

It is important to know that life insurance settlements are actually easier than people think. However, it is crucial that you find a legit company to work with. The last thing you want to do is run into even more financial problems if you end up being part of a scam. Therefore, make sure you do research and weight the benefits and cons of each company. Sometimes surrendering your life insurance to your original company is a better bet. Whatever you choose to do, it is essential to always keep your obsession with money out of the decision. You must act intelligently and realistic, in order to walk away happy.

Natalie Aranda writes on finance, insurance and investment. Life settlements are one way to put more money in your pockets. This happens when a senior citizen does not want their settlement plan and decides to give it up. Instead of giving it back to the actual insurance agency, the senior citizen instead decides to sell it to a financial company. This way they will immediately get money for selling such a life insurance plan.

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Unwanted interest has come from sources including industry regulator, the Competition Commission (CC), following an Office of Fair Trading (OFT) investigation which was in turn sparked by a super-complaint lodged by the National Consumer Council (NCC).

Doorstep loans offer small short-term loans to people who are on low incomes or without access to bank accounts, with repayments being collected weekly or fortnightly by collectors who directly call at the customer’s homes.

Peter Freeman, chairman of the CC, said, “Customers value home credit because it suits their needs very well but the fact is that they are paying too much for it, because of the lack of competitive pressure in the market.”

The regulator found that the lack of competition in the home credit market has meant that customers had, in their opinion, been overcharged by

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