West Sussex, United Kingdom (PressExposure) July 04, 2011 -- Merrywood Life, a UK based life assurance broker, comment on new guidance from the ABI (Association of British Insurers) which will enable life insurance payments to be released quicker following bereavements.
In the past, the lengthy legal process associated with resolving the estate of a deceased relative has left families waiting for as long as four months to receive life insurance payouts. The ABI has worked with the Law Commission to develop a process which should ensure a beneficiary can access a life insurance payment within just four weeks.
This new process requires the insurer to ask the main beneficiary to complete a declaration whereby they agree to pay back any money they receive from the policy, if the legal process reveals they are not the rightful recipient. The ABI states that more than 32,000 life insurance claims are made by families every year in the UK. Many of these will now benefit from this new system. ABI Director General Otto Thoresen commented: "We believe that this will go some way to alleviating financial hardship for a deceased person's dependents, especially families on lower incomes who have few other assets available to rely on."
"Here at Merrywood Life, as an ethical life insurance company we try to do everything in our power to make taking out a life insurance policy as easy as possible for our clients, and this new guidance by the ABI may prove a significant help," commented Richard Sawyer of Merrywood Life. "Many people have found themselves becoming frustrated by the lengthy legal process involved with resolving estates, which only makes a bereavement more stressful. The ABI has made a wise move with this new guidance, and we are sure many people will be thankful."
For more information on Merrywood Life's life insurance quotes, please visit [http://www.merrywoodlife.co.uk/] or call 0845 5576022.