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Increased
Financial Underwriting Limits
Allowing you to
potentially put more policies on risk
sooner
With
effect from 25 January 2007 we will be increasing our
financial underwriting limits. These changes will ensure we
continue to have a competitive underwriting position in the
large sum assured market.
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The
financial evidence limits have been increased and
evidence is now only required on:
- Life
applications where the sum assured is above £600,000
(for Family and Personal Income Plan the commuted
lump sum value is used).
- Critical
Illness Cover (CIC) applications where the sum assured
is above £350,000.
- Mortgage
Payment Insurance (MPI) or Income Protection Benefit
(IPB) where cover is above £3,000 per
month.
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For
further details of evidence required above these limits please
click
here.
Benefits
to you
As
fewer applications will now require financial evidence this
will result in:
· a
reduction in processing times
·
quicker
underwriting decisions
· the
opportunity for you to put policies on risk
sooner.
System
and literature changes
These
increased limits will take effect on Online Protection from 25
January 2007 and all affected literature will be updated in
due course.
If
you would like further information or to discuss this further
please contact
us.
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