Moray’s MP Angus Robertson has welcomed the publication of a new guide for life insurance claims by the Association of British Insurers (ABI), who have worked up new guidance designed to cut the average claim processing time from 4 months to just 4 weeks.

The ABI, working with the Law Commission, has developed best practice guidance on a new claims process that gets around the delays associated with the legal process. It works by asking the claimant to give the insurance company evidence that they are the main beneficiary (rather than waiting for the legal process to prove it) and to agree to pay back any money they receive that they weren’t entitled to. This can take months off the time taken to settle a life insurance claim.

The new claims process will help claimants who have suffered bereavement and significantly reduce the financial stress and worry that can accompany the death of a loved one.

Welcoming the publication of the new guide local MP Angus Robertson said:

“ People who are in the position of having to make a life insurance claim will, in the vast majority of cases, have lost a loved one. When a bereavement occurs the world obviously continues despite the pain and loss and the last thing people need in these circumstances is to be hit by unnecessary financial worry.

“ The 4 month average processing time for claims can cause major financial stress at a time when people are least able to cope and reducing that time to just 4 weeks is hugely helpful in lifting that financial burden.

“ It is especially important in cases where someone of working age has died and the mortgage or rent and utility bills continue unabated while the family has lost a major income.

“ These circumstances of financial hardship are often preventable and this guidance from the ABI is a huge step forward.”

Moray’s MP Angus Robertson has welcomed the publication of a new guide for life insurance claims by the Association of British Insurers (ABI), who have worked up new guidance designed to cut the average claim processing time from 4 months to just 4 weeks.

The ABI, working with the Law Commission, has developed best practice guidance on a new claims process that gets around the delays associated with the legal process. It works by asking the claimant to give the insurance company evidence that they are the main beneficiary (rather than waiting for the legal process to prove it) and to agree to pay back any money they receive that they weren’t entitled to. This can take months off the time taken to settle a life insurance claim.

The new claims process will help claimants who have suffered bereavement and significantly reduce the financial stress and worry that can accompany the death of a loved one.

Welcoming the publication of the new guide local MP Angus Robertson said:

“ People who are in the position of having to make a life insurance claim will, in the vast majority of cases, have lost a loved one. When a bereavement occurs the world obviously continues despite the pain and loss and the last thing people need in these circumstances is to be hit by unnecessary financial worry.

“ The 4 month average processing time for claims can cause major financial stress at a time when people are least able to cope and reducing that time to just 4 weeks is hugely helpful in lifting that financial burden.

“ It is especially important in cases where someone of working age has died and the mortgage or rent and utility bills continue unabated while the family has lost a major income.

“ These circumstances of financial hardship are often preventable and this guidance from the ABI is a huge step forward.”