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L&G increases life cover underwriting limit to £1.5m

Legal & General has increased the limit at which life cover and critical illness policies need to be underwritten as part of an overhaul of its underwriting criteria.

The changes, effective immediately, have been made with the aim of creating a simpler application process for consumers, with less financial information required.

For life cover, underwriting will start at a sum assured of £1.5m, raised from £800,000.

Critical illness underwriting will now start at £750,000, up from £500,000.

Consumers will only be required to provide extra financial information if taking out policies above the new thresholds. The insurer says it has also simplified the questions asked as part of the application process.

L&G general protection underwriting and claims director Russ Whitworth says: “We felt there was scope to make these improvements to simplify the application process for larger sums assured.

“We are streamlining the amount of information our customers need to provide in order to get cover as well as speeding up their applications, which will benefit thousands of customers each year.”

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