Increase In The Financial Underwriting Limits Of Legal & General Legal & General's general insurance business annual online survey, ‘Safe as Houses', which asks people for feedback and their views on home security and safety, aims to highlight the safety of UK home
News-Antique.com - Oct 21,2008 - The financial underwriting limits for critical illness cover and life insurance has been increased by Legal & General. This has made the underwriting process even simpler and policies can be issued more quickly now. The financial underwriting limit for life insurance which was earlier £600,000 has been set to a new limit of £800,000. Previously at £350,000, the financial underwriting limit for critical illness cover offered by Legal & General is now at £500,000. It means that up to these amounts, financial evidence like clients’ earnings or loan offer letters that support the information will not be required.
Russ Whitworth, Underwriting and Claims Director 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 recognise 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. We’ve therefore listened to our customers and simplified the process by only asking for detailed financial information for very high sums assured.
“Our new financial underwriting limits are market leading and therefore advisers and their clients will get a slicker service from Legal & General.”
Now, only four simple financial questions are to be answered for Legal & General to provide you with applications for life insurance in the range of £800,000 to £1.5million. The same is applicable for applications for CIC in the range of £500,000 to £800,000. However, a detailed evidence of finances is required for applications above the defined limits.
Financial underwriting limits are standard in the protection industry and are in place because of the increased risk posed to an insurer of large sums assured. The underwriting criteria are freely available to advisers on the Legal & General Adviser Centre: http://www.legalandgeneral.com/advisercentre/index.html
Notes to Editors:
• Legal & General Assurance Society Limited is authorised and regulated by the Financial Services Authority (FSA). Registered office: One Coleman Street, London EC2R 5AA.
• The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
For more information contact:
PR Manager Protection and Housing
t:01737 375 351
m:07841 366 145
f:01737 374 275
Web Site: http://www.legalandgeneral.com
Tel: 01737 375 351
One Coleman Street, London
Country: United Kingdom
Zip Code: EC2R 5AA