Royal London makes underwriting improvements
Mutual insurer, Royal London, has today 3 October, introduced changes to its underwriting philosophy, primarily focussed on improving terms for customers with a family history of diabetes.
The changes improve outcomes for customers and are part of its commitment to regularly enhance the most common areas of underwriting disclosure.
One of the main changes is that a family history of Type 1 diabetes will no longer be taken into consideration in the underwriting decision. There are general improvements to the family history of Type 2 outcomes with no additional ratings at all for Life cover and improved outcomes for Critical Illness and Income Protection. Decisions for a combined family history of diabetes and heart disease have also been improved, and more online decisions for a family history of stroke. This improves the speed to offer, makes Royal London easier to do business with and improves conversion rates.
Additionally, the maximum sum assured available for customers aged 80 and over has been extended from £100,000 to £2,000,000 to improve access to insurance cover for older customers.
Craig Paterson, Chief Underwriter at Royal London, said:
“We continue to focus on improving outcomes for our customers and to boost access to insurance. Our latest enhancements demonstrate our focus on being competitive for the most commonly disclosed areas of underwriting and providing evidence-based decisions.”
For further information please contact:
Neil Cameron, PR Manager
- Email: firstname.lastname@example.org
- Mob: 07919 171969
About Royal London
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £150 billion, 8.8 million policies in force and 4,262 employees. Figures quoted are as at 30 June 2022. Learn more at royallondon.com
More press releases you might like
Cost of living crisis leaves millions taking on second job
New research from mutual life, pensions and investment provider, Royal London, reveals that millions of UK workers have had to turn to second or multiple jobs in the face of soaring living costs, while others are working extremely long hours.
Sweeping changes for financial planning
Today’s fiscal statement has brought sweeping changes designed to stimulate growth in the economy. Director of External Affairs at Royal London, Jamie Jenkins, comments on the announcement.
Royal London expands beneficiary nomination to WOL plans
Royal London has expanded its signature-free beneficiary nomination, an alternative to setting up a plan trust, to its Whole of Life plans.
State pension challenge reveals a drastically different retirement for those relying solely on the state
Royal London’s State Pension Challenge reveals that customers’ future lifestyles would drastically change if the State Pension was their only source of income. Find out more here.