UK - Legal & General is implementing new group risk underwriting procedures intended to reduce the number of occasions when medical evidence is requested from scheme members.
L&G hopes this will lead to simpler administration processes for advisers and less hassle for employers.
Under the new procedures, medical evidence will only be requested for ordinary-rated scheme members every three years, unless their salary or benefit increases by more than 15% in one year.
The new rules on group risk underwriting will apply up to maximum levels on:
- £3m combined benefit for group life assurance and dependants’ pensions.- £500,000 benefit for employer paid group critical illness cover.- £120,000 per annum benefit for group income protection.
A spokesman said L&G expected the changes to further contribute to the growth in the company’s business in the group risk market.
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