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Royal London makes underwriting improvements for high net worth clients

by | Apr 8, 2024

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  • Increased key financial underwriting limits to help grow share of the high net worth market
  • Including limits for salary sense checks, financial questionnaires and supporting financial evidence
  • Investment in specialist large case team, with key appointment and 50% increase in size of team

As part of its commitment to growing the high net worth market, the UK’s largest mutual life, pensions and investment company Royal London has introduced changes to its underwriting limits.

The changes, available from today, focus on enhancing the underwriting journey and making Royal London easy to do business with for advisers and their clients.

In the 12 months since it announced the acquisition of Aegon UK’s individual protection line of business, Royal London has increased its focus on the large case market. The mutual insurer has bolstered its specialist team dedicated to supporting advisers with high net worth cases, increasing the overall team by 50% and appointing Mark Preston as service delivery manager with responsibility for large cases.


Royal London is introducing the following improvements:

Life Cover(Single and Joint Life First Death) Personal Business
No Automatic Evidence<=£1,000,000<=£1,500,000<=£2,000,000<=£2,500,000
Salary Sense Check£1,000,001 to £2,000,000£1,500,001to £2,500,000N/AN/A
Financial Evidence>£2,000,000>£2,500,000>£2,000,000>£2,500,000
Corroborative Evidence>£3,500,000>£4,000,000>£3,500,000>£4,000,000
Life Cover(Joint Life Second Death)
No Automatic Evidence<=£2,000,000<=£2,000,000
Financial Information on Application£2,000,001 to £3,500,000£2,000,001 to £4,000,000
Corroborative Evidence>£3,500,000>£4,000,000
Relevant Life Plan
No Automatic Evidence<=£1,000,000<=£1,000,000
Salary Sense Check£1,000,001 to £3,500,000£1,000,001 to £4,000,000
Corroborative Evidence>£3,500,000>£4,000,000

Craig Paterson, Chief Underwriter at Royal London, said:

“Financial underwriting remains an important component of higher sum assured business, but the process should support the cover being applied for, not be a barrier to sale. The changes we’ve introduced should improve our speed to offer, conversion rates and make Royal London even easier to do business with.


“High net worth clients typically have sophisticated financial needs and are looking for high levels of cover, so it’s vital that our proposition meets their needs and processing their business is as efficient as possible.”

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