Legal and General makes changes to critical illness cover
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Insurance firm Legal & General have announced changes to its life insurance products and critical illness cover, in an effort to reduce the processing time for their customers. In their view, the new regulations will make it much easier for clients to obtain their protection much quicker than in the past by underwriting decision being made at the point of sale, rather than later on in the process.
Those wanting to purchase life insurance cover for up to their thirty-fifth birthday, they can expect to find that the automatic medical evidence limit has increased to £750,001, and critical illness cover for up the age of thirty has gone up to £450,001. Another major change is to the number of medical tests required to get cover, there has been a considerable reduction in the amount of blood tests required, and microscopic urinalyses has also taken more of back seat than it has done previously.
Underwriting and claims director at Legal & General Protection, Russell Whitworth, was pleased with the new changes, mainly due to the fact that they will be able to reduce their processing times and provide their clients with a more timely and in-depth service.
Mr Whitworth states that the company look forward to gaining more business through their changes; ‘We anticipate that around 6,000 extra cases a year will go through without the need for additional underwriting.’ He went on to compare the new ideas to several changes that Legal & General made to their products in previous months, saying; ‘This supports initiatives we made earlier this year to simplify the application in our determination to make it much easier and quicker for customers to obtain the protection they need.’
Critical illness cover is fantastic for you to increase you peace of mind but have you thought about serious illness cover or life insurance?.
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