Bright Grey and Scottish Provident seek to speed up life claims process

Published on

Royal London

Bright Grey and Scottish Provident have introduced a fast-track system to reduce the time it takes to pay out on life cover claims.

Relatives will no longer have to wait for complex legal issues to be resolved before they can receive a payout, the protection firms claimed.

Life cover claims up to the amount of £100,000 will be paid out if there is a Will and there are no suspicious circumstances. For cases without a Will, the protection businesses of the Royal London Group will pay out up to £25,000. In all cases claimants will need to complete an indemnity form. This will allow the proceeds to be paid quickly without the need to wait for a Grant of Probate.

Phil Stafford, head of underwriting standards, philosophy and claims, Bright Grey and Scottish Provident, said: “Payment of death claims can often be delayed by the time taken to obtain the appropriate grant of representation (known as confirmation in Scotland), which enables the personal representatives to administer the deceased’s estate. This delay can arise where an own life plan has not been assigned or written in trust. In complex cases, the process can take many months or even years.

“The last thing anyone dealing with bereavement will need is the added pressure of money worries. By speeding up the life claims process the time it takes to receive a payout will reduce substantially in many cases.

“We would also urge people to write their life policies in trust. With less than 10% of protection policies being written in trust, many families needlessly experience the difficulties that that brings with it, problems with probate, legacy disputes and unintended gifts to the tax man.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Foundation cuts buy-to-let rates and relaxes holiday-let occupancy rules

Foundation has reduced rates on selected buy-to-let mortgages by up to 0.10 percentage points...

FintechOS: Firms have two years to embrace AI or get left behind

Financial services firms have no more than two years to embed artificial intelligence into...

Financial services must move beyond AI experimentation to deliver real returns

Financial services firms risk wasting substantial investment in artificial intelligence unless they fundamentally rethink...

RAW Capital Partners sets new lending record as product range expands

RAW Capital Partners has reported record annual lending volumes for 2026, surpassing its total...

Molo first lender to adopt Rightmove valuation technology through OMS

Molo has become the first lender to use a new integration between One Mortgage...

Latest publication

Other news

Foundation cuts buy-to-let rates and relaxes holiday-let occupancy rules

Foundation has reduced rates on selected buy-to-let mortgages by up to 0.10 percentage points...

FintechOS: Firms have two years to embrace AI or get left behind

Financial services firms have no more than two years to embed artificial intelligence into...

Taking the anxiety out of finance

It’s an anxious time for mortgage borrowers. A recent study by Handelsbanken Wealth found...