Cigna NZ has increased the automatic acceptance limit for its Income and Mortgage Repayment Covers and simplified the process for issuing cover the same day.
Customers taking out Agreed Value Income Protection and/or Mortgage Repayment Cover with a combined total benefit of up to $6,000 a month can have their cover conditionally accepted and issued on the same day, provided supporting evidence is uploaded and can be validated, says the firm.
To be conditionally accepted through its eApp and have cover issued on the same day, the application must:
- Be for Agreed Value Income Cover and / or Mortgage Repayment Cover up to a maximum total benefit (including any existing cover) of up to $6,000 a month
- Have the risk accepted by its underwriting engine
- Upload evidence of income or mortgage supporting the benefit your customer is applying for
The firm says its underwriting team will then need to validate the evidence before issuing the policy and that conditional acceptance is available for both standard and non-standard terms.
Cigna says this is the first of a number of enhancements it has planned to make it easier for advisers to protect their clients with Income Protection and Mortgage Repayment Covers over the coming months.
It says more than 100 enhancements have been made to its eApp and underwriting rules engine since its release in April.
Full details are here.