Legal & General Assurance Society has increased its financial underwriting limits for life insurance and critical illness cover. The new limits are GBP800,000 for life insurance, which was previously GBP600,000, and GBP500,000 for critical illness cover previously GBP350,000.
Up to the proposed sums, financial evidence such as clients’ earnings or supporting information like loan offer letters will not be required.
For life insurance applications of between GBP800,000 and GBP1.5 million and for critical illness cover applications of between GBP500,000 and GBP800,000, Legal & General will only require answers to four specific financial questions. Over and above these limits, more detailed financial evidence will be required.
Russ Whitworth, director of underwriting and claims at Legal & General, said: We are always looking for ways to improve our underwriting process and get customers on risk quickly and with a minimum of fuss. We also recognize that there is a perception in the industry that financial underwriting can be a complicated and time-consuming process, in part because some providers have high financial underwriting limits yet still ask for detailed financial information on every application form.