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Zurich streamlines its protection underwriting

Zurich has streamlined its underwriting process to allow customers to get cover in place more quickly.

The provider has increased its medical and financial underwriting limits, which will cut the amount of information required from the customer at application stage, and has reduced the number of medical examinations and reports required.

In terms of changes to its medical evidence requirements, for life cover, those over 41 years old do not need to submit medical evidence if the sum assured is below £500,001 and there are no known medical conditions.

For critical illness cover, the thresholds have also been improved for customers aged 36 or more. The provider will now use nurse screenings more widely in place of a report from the customer’s doctor, to speed up the underwriting process. A doctor’s report will no longer be required for cover over £250,001 and instead the first requirement would be for a nurse screening once the cover applied for exceeds £300,001.

It has also raised the threshold before a full medical examination with a doctor is required. For example, the limit for a full examination for a 32 year old customer has been increased from £1,000,001 to £2,000,001.

In terms of the changes to its financial underwriting limits for life and critical illness policies, the provider has increased its financial questionnaire threshold from £1m to £1.5m for life cover and from £500,001 to £750,001 for CIC.

Zurich has also increased the limit for additional financial evidence for life cover from £1.5m to £2m.

Zurich head of protection and underwriting Phil Brown says: “Our protection proposition is constantly evolving so that we can provide the best value and most comprehensive cover for our customers while streamlining the application process – making it easier for advisers to do business as well and enhancing the customer experience.”

Plan Money director Peter Chadborn says: “The underwriting process is one of the barriers to getting customers and advisers to engage with protection. So this is a very positive move if it makes that process simpler.”

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