Life cover insurance claims – pay out now faster
It’s great news that Bright Grey and Scottish Provident have taken steps to reduce the amount of time it takes to receive a payout on life cover insurance claims, in the event of a death.
Under the new guidelines life cover claims up to the value of £100,000 may be paid out quickly, if there is a will in existence, and no suspicious circumstances. In cases where no will was made, fast payout can be made up to the value of £25,000.
In future, claimants will all be issued with an indemnity form, which will take the place of a grant of probate, which in turn of course can take a considerable length of time to secure.
Currently, delays in payout are commonplace and often occur due to a complex life plan. This means that beneficiaries may need to wait months or even years to receive any money from the deceased life cover claim, unless they have had their life cover policies written in trust.