Immediate cover, where risk is assumed for an applicant before they are fully underwritten, is now available on life cover with a £3m maximum sum assured.
The limit has also been increased on critical illness polices for business cover to £1.5m. L&G has also made the immediate cover available on CI taken out for personal loan and mortgage protection, also to £1.5m.
L&G underwriting and claims director for protection Russ Whitworth says: “Immediate cover helps people who need cover straight away, which means we assume risk for them while they are being fully underwritten. By upping the maximum levels of immediate cover that we are prepared to give, we are being more generous and more competitive.”