Life - Articles - Royal London removes Covid19 restrictions to underwriting


Royal London has removed restrictions to its underwriting philosophy put in place last year due to COVID-19. The mutual insurer will continue to ease restrictions with the aim of returning to a pre-pandemic underwriting philosophy.

 An estimated six in ten of the applications that were postponed due to temporary restrictions relating to coronavirus will now be offered terms for cover. All temporary rating restrictions related to coronavirus for Critical Illness and Income Protection covers have also been removed.

 Royal London has increased the maximum ratings applied to Life Cover applications at all age bands, with the maximum for those aged under 60 increasing to 300%. For Critical Illness and Income Protection, all temporary rating restrictions related to coronavirus have now been removed, with the maximum rating limit returning to 150% for all customers.

 Diabetes Life Cover is under review and will be updated separately to the changes made on Menu products.

 The changes came into effect on 24 May and apply to all new applications, any on-going applications, and any case where terms have expired or that need a further underwriting assessment.

 Craig Paterson, Chief Underwriter at Royal London, said: “With an improving picture in the UK and the progress of the vaccination programme, we’re pleased to be able to remove the bulk of the restrictions that have been in place for the last year. Our updated approach to underwriting will ensure greater access to insurance with more customers now able to obtain cover, whilst also recognising that the situation remains changeable. We will continue to evolve our underwriting philosophy as circumstances dictate with the aim of returning to our pre-pandemic philosophy as soon as we are able to.”

Back to Index


Similar News to this Story

Many people unprepared for long term care needs
Two thirds of people think social care is an individual responsibility, but three quarters have taken no steps to prepare, new research from the Insti
Delaying life insurance by overestimating costs 184 percent
On average, people overestimate the monthly cost of life insurance by 184%, estimating it to be £79.50 when the actual average L&G policy cost was £27
Ratio spent on mental health treatment jumps in PMI claims
Claims incidence increases six percentage points to 27% between 2021 and 2024 but sees recent evidence of stabilisation. Trend fuelled by decline in N

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.