Life Insurance News
One-third of life insurance complaints upheld
The economic downturn has left many people feeling that they cannot trust financial institutions such as banks or life insurance providers.
However, figures from the Financial Ombudsman Service (FOS) have revealed that more than one-third (36 per cent) of all complaints made concerning life cover and investment product providers were upheld in 2008/09.
According to website Money Marketing, which obtained the FOS data, this was less than the uphold rate for banks (69 per cent).
However, the figures also revealed that significantly fewer complaints were made about life insurance than banks.
In total, nearly two-thirds (59 per cent) of all complaints received by the FOS related to banks, while 11 per cent were aimed at life insurance and investment providers.
Walter Merricks, chief ombudsman at the FOS, claimed in his annual review for 2008/09 that most justified complaints should be resolved by businesses before they reach his organisation.
He said: "We would normally expect only a minority of the complaints referred to us to turn out to have been justified. This has not been the case during the year under review."
Despite the risks involved with any financial product, life insurance can be extremely beneficial and is, according to BeatThatQuote.com, one of the most important forms of protection.
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