Royal London improves underwriting limits for high-net-worth customers

Today, Royal London has reaffirmed its commitment to growing the high-net-worth market by introducing vital changes to its underwriting limits.

Related topics:  Royal London,  underwriting
Tabitha Lambie | Editor, Protection Reporter
8th April 2024
Underwriting Risk
"High-net-worth clients typically have sophisticated financial needs and are looking for high levels of cover, so it’s vital that our proposition meets their needs and processing their business is as efficient as possible."
- Craig Paterson, Chief Underwriter at Royal London

Since the acquisition of Aegon UK’s individual protection book, Royal London has increased its focus on the large case market, bolstering its specialist team dedicated to supporting high-net-worth customers. Mark Preston was also appointed as Service Delivery Manager with responsibility for larger cases.

READ MORE: Royal London appoints new Head of Protection Proposition amidst new hires

Today, Royal London has reaffirmed this commitment by introducing vital changes to its underwriting limits. These changes focus on enhancing the underwriting journey and making Royal London easier to navigate for advisers and customers alike.

“Financial underwriting remains an important component of higher sum assured business, but the process should support the cover being applied for, not be a barrier to sale. The changes we’ve introduced should improve our speed to offer, conversion rates and make Royal London even easier to do business with,” said Craig Paterson, Chief Underwriter at Royal London:

 

Life Cover (Single & Joint First Death) Personal Business
  Current  New Current  New
No Automatic Evidence <=£1,000,000 <=£1,500,000 <=£2,000,000 <=£2,500,000
Salary Sense Check £1,000,001 to £2,000,000 £1,500,001 to £2,500,000 N?A N/A
Financial Evidence  >£2,000,000 >£2,500,000 >£2,000,000 >£2,500,000
Corroborative Evidence >£3,500,000 >£4,000,000 >£3,500,000 >£4,000,000

 

Life Cover (Joint Life Second Death)
  Current  New
No Automatic Evidence <=£2,000,000 <=£2,000,000
Financial Information on Application £2,000,001 to £3,500,000 £2,000,001 to £4,000,000
Corroborative Evidence >£3,500,000 >£4,000,000

 

Relevant Life Plan
  Current New
No Automatic Evidence <=£1,000,000 <=£1,000,000
Salary Sense Check £1,000,001 to £3,500,000 £1,000,001 to £4,000,000
Corroborative Evidence  >£3,500,000 >£4,000,000

 

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