Families 'to get life insurance payments more quickly'

By Marianne Straker, Mon 23 May 2011 - Published in Life Insurance

Families will get life insurance payments more quickly after a loved one dies, according to the Association of British Insurers (ABI).

The organisation has issued new guidance to policy providers stating that people should be able to receive money within four weeks rather than four months.

Furthermore, the ABI noted that over 32,000 life insurance claims are made every year in the UK.

Otto Thoresen, director general at the ABI, said: "Dealing with bereavement is hard enough, without the added stress of worrying about money.

"This new life insurance claims process means the time it takes on average to receive a payout will drop from four months to just four weeks."

He added that this new proposal will hopefully help many families in the UK.

Recently, Scottish Widows revealed that under half of the UK population have a life insurance policy in place and only 12 per cent have critical illness cover.

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