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Zurich streamlines its protection underwriting

Zurich has streamlined its underwriting process to allow customers to put 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.

For life cover, those aged over 41 years 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 been improved for customers aged 36 or over. The provider will now use nurse screenings more widely in place of doctors’ reports 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 will be for a nurse screening once the cover exceeds £300,001.

Zurich has also raised the thresholds that apply before a full medical examination with a doctor is required.

On 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 CI.

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

Plan Money director Peter Chadborn says: “The underwriting process is one of the barriers to engagement, so this is a very positive move.”

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Comments

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  1. I would be interested to see what impact this has in reality.
    How many cases actually go over the limits compared to those cases where the underwriters will request additional information?

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