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Lloyds Banking Group ceases sales of PPI in favour of Life insurance

Monday, August 2, 2010

Lloyds Banking Group has confirmed that it will no longer be selling PPI (Payment Protection Insurance). The product has garnered controversy in the UK, because many industry critics state that banks take a large profit from PPI sales, which has resulted in a series of battles in court as people attempt to recoup costs.

A number of banks have been fined for selling PPI under false pretences, providing it alongside loans to protect against redundancy or illness. Consumers who opted in to ... Read full article

Category: Life Insurance

Call for Life Assurers to pay out more quickly

Friday, July 30, 2010

A spokesperson from insurance giant Munich Re has presented a case to life assurers, calling for death claims to be settled much more quickly than they are at present. Andy Milburn has suggested that life insurance is a very straightforward product, and the only criteria to be fulfilled for a payout is whether or not the person is dead or not.

The comments are an attempt to shake up the insurance industry and regain trust in Life Insurance, in order to prevent further drops in sales fig ... Read full article

Category: Life Insurance
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