When we need information:
We start asking for financial information when the intended overall cover in the market is:
- £1,000,001 or more life cover
- £500,001 or more critical illness cover
Although, if we have clarity around the purpose of cover, we do not routinely aggregate business and personal cover when determining any financial requirements.
NB: lower limits of £500,001 life and £250,001 CI apply for house persons, retired, students and the unemployed.
Methods of information gathering
We have a flexible approach to financial evidence gathering:
- Submit online as part of the application process
- Short financial questionnaire (a quick question and declaration approach)
- Full financial questionnaire (this is if the overall cover is more than £2m (life) or £1m (CI), we may also use this if the short questionnaire is insufficient
- A recorded call with a high value underwriter at any time during the underwriting process (even at pre-sales stage) for up to £3m life cover and/or £1m CI cover (select option 2 on the support line 0800 092 9964)
- We don't insist on a formal financial questionnaire if a bespoke report covers off the salient points, including overall cover
- Factfinds instead of financial questionnaire for up to £3m life cover and/or £1.5m CI cover
- High market limits, where supporting evidence is needed for more than £4m life cover or £2m CI cover.
- We don't ask independent third parties to countersign financial questionaires.
- We can download copies of accounts from Companies House so you don't have to.
A guide to how much cover we'll consider
Relevant Life: Exactly the same as for Personal cover (including adding in mortgages)
We are able to take into account any earned income/remuneration irrespective whether that income is related to the particular Policyholder/Employer or not.
Earned income includes salary, benefits in kind and regular dividends and bonuses from any employment, i.e. income that will be lost on death or critical illness.