British Life Insurance Companies

liWe are all aware how the British life insurance companies have struggled and how they made each of their policy holder the shock of their lifetime. Policyholders have poured in their entire savings on this pre need type of policy so in return they will have something to depend on, when the time or the need arises in the future. But instead of expecting that to happen, most British life insurance companies mismanaged everything and in return, they are not able to give the payments back to their policy holders.

British life insurance companies tried to straighten this out by following the guidelines set forth by the government which is to calculate all assets and make sure that there is enough to pay the policy holders. Surely this will be the toughest time for the UK life insurance companies but they do not have any other option but to comply.

As for the latest news, it is said that the companies are starting to pay the policy holders in a much faster way. During the first batch of payments, they were sending out payments every four months. But a new guideline was implemented immediately by the governing bodies, and that is to make the payments every four weeks, or one month.

Also, there was an issue about beneficiaries or a dependent getting what is “just” for them. Some speculations are roaming around that the companies will be setting strict procedures for beneficiaries or dependents claiming their money. They British life insurance companies will also track down every released claim to a dependent or beneficiary previously, to make sure that they are the rightful recipients of the claim. People under the category answered – “If it is proven legally that they are not the rightful recipient of the claim, they are more than willing to return the claim that they have received up to the last cent.”

Anyway, this new guideline is made for the benefit of 32,000 families in the UK. They will not have a hard time waiting for these companies to verify that they are the rightful people to claim, for the companies only have to see their name printed and of course proof of identification issue by the government should be presented by the dependents and beneficiaries upon claiming their rights, and that’s all they need to know to validate their rights.

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