Friends Provident has relaxed evidence requirements on claims for life cover, life cover with critical illness and standalone critical illness cover as part of a raft of changes to its underwriting processes.
The firm says it now only requires financial evidence on applications for personal and business protection cases if the sum assured exceeds £600,000 for life cover or £350,000 for critical illness cover.
Friends has also enhanced its eSelect online protection platform to allow more information to be captured at point of sale.
In addition for eSelect applications, the firm will only request a financial underwriting questionnaire to be completed if the sum assured exceeds £1.5m for personal life cover or £1m for business life cover, or £600,000 for personal critical illness cover and £350,000 for business critical illness cover.
Mark Jones, protection products and actuarial manager at Friends Provident, says: “Friends Provident is offering this facility online to significantly speed up the application process and make life easier for advisers. This is good news for advisers and customers alike.”
In addition the need for a counter signature on the financial underwriting questionnaire from a solicitor, bank manager or accountant has been removed.
More space has been given for answers to questions to enable full disclosure which means the need for the adviser to go back to the customer for further information is significantly reduced.
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