Royal London expands 'underwrite later' option

Royal London expands 'underwrite later' option

Royal London has expanded its 'underwrite later' option to a wider range of products after its initial launch last year.

Introduced in January 2021 for life cover on business and relevant life plans, 'underwrite later' allows clients to get cover while medical evidence is being obtained.

The mutual has added this option to life cover on personal menu plans with a sum assured of over £1mn up to £3.5mn and whole of life plans over £500,000 and up to £3.5m.

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The added option also applies to joint life policies where both lives are eligible.

During the underwriting period, Royal London will lock in customers’ age and health, so if their birthday falls within six months of cover starting, or their health changes, premiums will not increase, and cover will not be affected.

Jennifer Gilchrist, protection specialist at Royal London, said: “Since we launched underwrite later in January last year, we’ve seen take-up of the option go from strength to strength. We have seen a significant boost to the number of applications we can start without the need to get medical evidence, from around 50 per cent to nearly every case.

“As we expand underwrite later we’ll be able to offer cover to even more clients. It’s a simple solution that speeds up the onboarding process and makes applications easier, without putting extra pressure on already overburdened GPs and the NHS."

Those applying for underwrite later online will have the option to select a start date up to 30 days in future, available on personal protection, whole of life, business protection and relevant life plans.

Rob Harvey, protection product specialist at Protection Guru, said: “Underwrite later is something we’ve been a fan of at Protection Guru since it first launched, so it’s great to see Royal London extend this to personal life cover and whole of life.

"Given the importance in ensuring clients are protected with the minimum of delay – and the very real risk of claims arising whilst an application is in underwriting – we believe underwrite later is something all advisers should take advantage of when available."