New underwriting for life insurance and Critical illness

Mon, 06 Jul 2009

Life insurance company and financial services giant Legal and General has streamlined criteria for people choosing life insurance policies or critical illness cover . For those applicants aged under 40, L&G do not automatically require a GP report, apart from in those cases where life insurance is over £1 million .

L&G are aiming to attract more high net worth applications for life insurance policies. For high sums assured, ECGs (electrocardiograms) will not be required.

L&G expert Russ Whitworth reportedly commented: "We felt that there was scope to speed up the process and make it easier for people to take out cover . So for people under 50, GP reports are no longer the first piece of medical evidence that we will look for, instead focusing on nurse screening examinations, which take up less time. There are sums assured where we will not require any medical evidence at all, although this limit varies with age."
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