In an effort to cut down the administration time for IFAs, Progress from Royal Liver has increased i...
In an effort to cut down the administration time for IFAs, Progress from Royal Liver has increased its financial underwriting evidence limits on its life cover products. The move is expected to limit any requests for detailed financial information for plans with very high benefit levels.
For plans with cover up to £1m - the progress online system will perform financial background checks with no additional financial information required from the IFA or their client. For plans with cover between £1m and £2m - a financial questionnaire will need to be completed by the IFA and their client. For plans with cover of more than £2m - supporting information will be requested from an independent source.
Aidan Dewhurst, IFA Market Manager, said Royal Liver was looking at more improvements. He said: "We have been looking at underwriting rules in general. If you can tighten the rules you can make the process more efficient. We have also been looking at big T underwriting options.'
