Aegon UK has said it has improved its digital life insurance solution, Simply Life, in a bid to ensure more acceptances from a wider number of clients.
The process, which has an immediate acceptance rate of greater than 80 per cent, will introduce manual underwriting where an online decision cannot be given.
Dougy Grant, protection director at Aegon UK, said: “There’s an awful lot to think about when choosing the right mortgage, but it’s vital that protection needs aren’t overlooked.
“That’s why we’ve made life simple for customers and advisers by making the process quick, simple and easy to use.”
Key features
■ Simply Life is a life-only protection product with just nine core questions, aimed at young healthy lives that offers cover up to £500,000 for clients aged between 18 and 49
■ Those customers who require manual underwriting will be provided with accidental death benefit while they are being underwritten
■ Simply Life also offers joint life cover, which is important for the mortgage market where clients are applying for joint life mortgages
Adviser view
Sebastian van Mook, a financial adviser with Shropshire-based Abacus Associates, said: “I believe more in full advice when it comes to protection, and the digital service seems more about piling it high and selling it cheap, as far as I am aware.”
