* Zurich has recently announced that they have been able to meet 100% of the Permanent Health Insurance (PHI) claims they have received in the first six month of 2014.

Over £6.2 million pounds (an average of £1,217 per month, per claim) has been paid out on these claims. For those individuals who have been unfortunate enough to have an illness or accident, no doubt the payment of these claims have been a great relief.

This is good news, as following the Payment Protection Insurance (PPI) Scandals, the industry has been working hard to improve its image and ensure policies bought are fit for purpose.

Clearly, to allow Zurich to achieve this tremendous claims experience level requires several things : -

1) Customers complete application forms as fully as possible (as clearly, if someone deliberately fails to disclose some relevant information, it may result in the policy being voided)

2) Clear and well worded Application forms (to reduce the chance of inadvertent non-disclosure happening)

3) A good underwriting team to appropriately assess the application form

4) A good claims team to appropriately process the claim

Zurich may have got lucky on point 1, but through points 2 to 4 they have got it right! If you were unfortunate enough to have to make a claim, do you think your own provider will be as good? (It should be noted, several other insurers are also working very hard in improving the claims experience – but not every firm is!)

Should you be concerned about this or if you feel you don’t have the right cover, please contact us to avail yourself of our independent review service.

Our initial meeting/discussions are without charge or obligation and so you have nothing to lose!

* Source Financial Adviser 7th August 2014