AEGON has announced some key improvements to the medical underwriting limits for its life and critical illness (CI) protection proposition
Anything that simplifies the process of obtaining and claiming on a protection product can only be a good thing for policyholders. Aegon has increased the sum assured limits for when an application only is required in the majority of age bands across life and critical illness protection.
For example, in the age band up to 35-years-old, AEGON won’t require any routine medical evidence until the sum assured exceeds £750,000.
The limits before a doctor medical examination or nurse screening are required have also been significantly increased in all age bands across life and critical illness. This means that less evidence is needed which leads to less inconvenience for the client. For example, with the new limits in the age band up to 30 years old for life protection a nurse screening is now not required until the sum assured exceeds £1,500,000 for life protection and £750,000 for CI protection.
Additionally, for a 50-year-old the sum assured could be as high as £600,000 for life cover and £350,000 for CI protection without a nurse screening being required.
AEGON has also replaced full doctor medical examinations with nurse screenings in a number of areas, which is better for customers, as all nurse screenings can be performed at a place convenient to the customer. For ages up to 40 a doctor medical examination is now not required until the sum assured exceeds £3,500,000 for life protection and £1,000,000 for CI.
Matt Rann, Head of Claims and Underwriting, AEGON says: ‘These new improvements to our underwriting limits enable us to make decisions without the added hassle and time lost gathering evidence, helping us to ensure the whole process is as quick, smooth and simple for the adviser as possible and minimises the inconvenience caused to the client.’
‘We have worked to get to a position where less evidence is requested and therefore speeds up the process. Just as importantly where evidence is required the aim has been to provide the minimum of inconvenience to the customer.’