Legal & General has today announced it has improved its financial underwriting criteria for customers taking out life insurance and critical illness cover.
The changes will lead to a simplified application process, with customers needing to provide less financial information.
Legal & General carried out the review of its underwriting criteria with the aim of making the process "quicker, more efficient and easier for customers."
Life insurance financial underwriting will begin at a sum assured of £1.5million, an increase from £800,000.
Critical illness cover has an increase in the limit to the sum assured, taking it to £750,000, up from £500,000.
It has also designed simplified financial questions in the application and removed complex detail.
Russ Whitworth, underwriting and claims director for Legal & General protection, (pictured) said:"L&G is committed to ensuring that our underwriting philosophy is market-leading. We felt there was scope to make these improvements to simplify the application process for larger sums assured.
"We're streamlining the amount of information our customers need to provide in order to get cover as well as speeding up their applications, which will benefit thousands of customers each year.
"Two key market segments that we see benefitting from this are the high net worth and business protection markets, however we are confident that our enhanced proposition will be appreciated by all L&G protection customers."
AUM increase by £2.4bn to over £5bn
Decided by 'independent' panel
At end of month
A fixed pay-out of £2,500