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AEGON Raises Financial Underwriting Limits For Individual Protection

To make decisions based on fewer pieces of evidence, helping to ensure the whole process is turned around as quickly as possible

AEGON has announced further improvements in the financial underwriting limits for its personal and mortgage protection proposition by increasing the sums assured at which the main residence mortgage offer letter is required for life and critical illness cover. Reportedly, the sum assured limit when a personal financial questionnaire is required has increased to over GBP750,000 for critical illness protection.

In August, AEGON announced improvements to its financial underwriting limits for its business protection offering by increasing the sums assured at which the business loan offer letter and company accounts are requested. At the time, AEGON also increased its immediate cover facility for life cover from over £2.5m to over £3m, making it the highest in the market. The latest improvements also make the financial underwriting limits for life and critical illness policies before routinely requesting the main residence mortgage offer letter the highest in the market.

Matt Rann, head of Underwriting and Claims, AEGON UK, said: “These recent improvements to our personal and mortgage protection offering allow us to maintain our position as a leading provider in this market. These changes enable us to make decisions based on fewer pieces of evidence, helping to ensure the whole process is turned around as quickly as possible. This benefits both the financial adviser and their customer.”

In addition, Aegon has joined the Pensions Income Choice Association (PICA) the management group formed to promote open market option – reported MoneyMarketing. According to the website, McPhail, chairman of PICA, said: “We certainly feel that Aegon brings an extra dimension to the management committee because of its very high profile and broad interest in retirement areas and products. With the market as it is today, the emergence of personal accounts and the increasing focus on defined contribution pensions, greater uptake of choice at retirement has never been more important.”

Rachel Vahey, head of pensions development, said: “We believe many more people approaching retirement should be aware of their options to ensure people are accessing the most suitable products,” reported the website.