Royal London has revised its non-medical limits for income protection products with the aim to reduce turnaround time of offering cover to customers and improving straight through acceptance rates.
The changes see an increase in the sum assured to where the provider first requires routine medical evidence. Notably, the changes will benefit young people the most according to the provider, although the updates will take effect across all age bandings and sums assured. As part of the changes, for customers aged under 40, the threshold for non-medical limits evidence has grown to £75,001, up from £36,001. Additionally, the sum assured for when GP reporting is first required, has been now expanded to include all age bands. Craig Paterson, chief underwriter at Royal London, said...
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