If underwritten and accepted members will be covered for any future benefit increases up to the maximum benefit level, without further underwriting.
If the member is accepted, on ordinary rates, with loadings up to 200% or with exclusions the member will not be underwritten again for any future increase in benefit up to the maximum benefit level, currently £300,000.
The insurer is introducing a new Health declaration form which asks for more information and provides a greater insight into the member’s medical history.
AEGON will need to make fewer requests for additional medical evidence, which will save time underwriting. Underwriting is generally triggered by the need to set medical limits on certain conditions. With the ‘one and done’ approach, these medical limits have been removed.
For members underwritten in the last two years those accepted on ordinary rates with exclusions will be treated as ‘one and done’, and will not be underwritten again.
For those underwritten over two years ago, the forward underwriting bar will continue. Once the forward underwriting bar runs out or they apply for an increase in benefits above it, they will be underwritten on the new Health declaration form.
AEGON Scottish Equitable have also made it easier for previously insured business to switch to them.
Simon Bailey, Head of Marketing, Head of Service, Employee Benefits, AEGON Scottish Equitable, says: “By asking a few extra questions on our new Health declaration form, we will be able to reduce the need to request additional medical evidence and as a result, be able to turn around our underwriting decision faster.”
AEGON Scottish Equitable recently chose the leading independent experts in musculoskeletal and mental healthcare Nuffield Health and Priory to assist in its enhanced Group Income Protection claims process.