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.
This new approach to underwriting 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.
