Partners Life has improved its underwriting process by removing some of the requirements needed to finalise applications – lightening the load for financial advisers. Changes were made to the firm’s systems over the weekend and went live Monday morning.
For example, the company has removed some of the requirements for large sums assured cases.
“We have reflected on what value each of our limit requirements give to us, and have identified that a number have rarely affected the outcomes in the past,” says the firm.
As such it has removed the following from its standard limits requirements:
- Resting ECGs. Code C Medical Examinations are no longer required to be completed by a senior physician – a GP medical will now be sent in its place
- HIV and Hepatitis C blood tests from Code B blood tests
- HIV, Hepatitis C, Full Blood Count and ESR blood tests for Code C and above, where Life Cover does not exceed $5,000,000 and TPD Cover does not exceed $3,000,000
Partners Life has also reviewed non-medical limit sums assured for monthly disability cover, and taken into account feedback from financial advisers about cover being issued at either $7,999 a month or $14,999 a month.
It has now changed the limits by $1, so advisers can issue up to $8,000 a month on the personal statement only, and between $8,001 and $15,000 a month with an additional Code B blood test and PMAR.
In addition, Partners Life’s guidelines were based on industry-wide standalone Trauma Cover, while the rest of its non-medical limits only considered the risk held by the firm.
“We have updated this to now reflect all Trauma risk held by Partners Life, and have increased the non-medical limit from $1,500,000 to $2,000,000,” says the firm.
In addition, with the continued growth in MUM, the company has digitised all manual application form questionnaires, which are now available on MyPartnersLife’s forms section
The latest version of its Adviser Underwriting Guideline (PDF) is available on MyPartnersLife. This updated guide incorporates all changes to product offerings made by the firm since March 2020, including the addition of its Moderate Trauma Cover and Income and Expense Cover.
See our story: New Products from Partners Life.