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Obtaining protection cover quickly

This article is part of
Guide to Income Protection

Everyone seeking life insurance must undergo a selection process called underwriting. This requires the completion of an application form which asks about the applicant’s occupation, pastimes, lifestyle and health.

Depending on the answers provided and the level of cover requested, cover could be offered immediately, whereas others could require further information, including doctor’s reports.

Martin Noone, distribution director for retail protection of Legal & General, warns it was not possible for any one individual’s application to be a marker against someone else’s.

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That being said, Mr Noone says 65 per cent of income protection benefit policies submitted using Legal & General’s interactive underwriting system receive an underwriting decision at point of sale.

Of the remainder, Mr Noone says a large proportion are underwritten and accepted within two days.

For those that require additional medical information, he adds it will take longer for an underwriting decision to be determined depending on the timeframe for the information to be returned.