Partners Life has made a number of changes to its underwriting requirements intended to ease the application process for advisers’ clients.
The firm no longer requires build examination (height and weight metrics) and blood tests for the following demographics of applicants/benefits, instead applying terms based on the proposed life insured’s disclosed BMI.
- Applicants aged 30 or under up to BMI 37.99 (all benefits), who do not have cardiovascular risk factors*
- All other applicants up to BMI 37.99 (life/medical covers only), who do not have cardiovascular risk factors*
Changes to its My Underwriting Manager (MUM) are to be made, but for now, these cases will still be referred to the firm’s underwriting team.
It a statement to advisers, the firm says the current process of a fully completed application form is “laborious for a client who already holds cover with us”, and does not reflect that they believe they are in better health than when they took out cover.
“We have designed a new form which will drastically reduce your administrative work associated with a loading review,” states the firm.
“We will continue to fully reassess the client’s current health to ascertain whether a loading can be removed/reduced, or whether their current terms are the same or more favourable than their updated underwriting assessment.”
Partners Life’s business questionnaires have also been changed with regard the information required, “especially in large lump sum cases”.
“The implementation of this will also mean that loss of revenue cases under non-medical limits can be finalised via MUM.”
Until the end of 2024, The firm will continue to accept either of the business questionnaires until the year-end. From 2025, it will require the new forms to be completed.
*Cardiovascular risk factors include diabetes, Cardiovascular Conditions, including but not limited to heart attacks, strokes, cardiomyopathy etc, Hypertension, Hyperlipidaemia, Fatty Liver Disease, Sleep Apnoea, and/or family history of ischaemic heart disease under the age of 55.