Aegon Scottish Equitable has increased its maximum free cover benefit from £1 million to £1.25 milli...
Aegon Scottish Equitable has increased its maximum free cover benefit from £1 million to £1.25 million for all new schemes, and for existing group life schemes at renewal or next rate review.
The free cover benefit terms also apply to group income protection for existing schemes of £100,000, again at renewal or rate review. The reason the changes have been made is to reduce the amount of underwriting and to provide quicker, immediate full benefit cover for scheme members.
Simon Bailey, head of marketing and service for employee benefits, at AEGON Scottish Equitable, said: "By increasing free cover, we've reduced the impact of underwriting on senior staff. We want to make it easier for our customers to do business with us."
AEGON recently introduced a 'one and done approach' with a new Health declaration form which asks for more information. AEGON now needs to make fewer requests for additional medical evidence, which saves time underwriting.
