The process, which has an immediate acceptance rate of greater than 80%, will introduce manual underwriting where an online decision can’t be given.
Simply Life is a life only protection product aimed at young healthy lives, with just nine core questions 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’re being underwritten.
Simply Life also offers joint life cover, which is important for the mortgage market where clients are applying for joint life mortgages.
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.
“It would seem that MMR has meant that time consuming application forms have reduced the time available for client discussions. So much so that although 90% of consumers getting mortgage advice expect protection cover to be discussed, only 25% go on to buy a product.
“We’re determined to make life easier for mortgage brokers and advisers to try and help them improve their conversion rates through a simple, digital proposition that is quick for them and their client and ensures that more families get the cover they need.”
