Royal London has added an Underwrite Later option for Life Cover on its Business Menu and Relevant Life Plans, allowing cover to be offered while medical evidence is being obtained.
Eligible customers will have the option to get cover straightaway on Life Cover plans up to £3.5m whilst Royal London requests medical evidence and completes the underwriting assessment.
The new approach to underwriting will give advisers and customers confidence they are fully covered with no additional exclusions and plans can stay in force for up to six months whilst evidence remains outstanding.
Royal London estimates 93% of Business Menu and Relevant Life Plan applications will be eligible to be placed on risk immediately following the launch of Underwrite Later, up from around 50% of applications that previously got an immediate decision.
The option will be available to advisers online if Royal London can’t offer terms straight away and the client meets the eligibility criteria. Once all evidence has been received, the application will be assessed as normal to make a final decision.
Craig Paterson, Chief Underwriter at Royal London, said:
“Our new approach to the underwriting journey gives advisers and their clients greater flexibility and relieves uncertainty over the availability of face to face medicals. The Underwrite Later option improves the customer experience and provides them with the reassurance that they’re covered straight away.”
Tony Mudd, Divisional Director, Development & Technical Consultancy at St. James's Place Wealth Management, said:
“I see this as a valuable additional tool that will not only make Royal London’s Life offering simpler and easier for advisers but will also enhance advisers’ confidence and credibility in the eyes of their clients. For me this is yet another example of Royal London’s desire to innovate and promote protection and the fact that they have done so in such challenging times is all the more impress.”
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.