Underwriting

Financial Limits.

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Financial Limits for Personal Protection

Life Cover

Sum assured	Evidence required
Up to £2,000,000	Application only
£2,000,001 to £3,500,000	Financial questionnaire signed by the client
Over £3,500,000	Financial questionnaire signed by the client and third party evidence

Underwriting requirements are based on the aggregate sum assured (i.e. including sums assured under existing policies).

Serious Illness Cover

Sum assured	Evidence required
Up to £800,000	Application only
£800,001 to £1,500,000	Financial questionnaire signed by the client
£1,500,001 - £3,000,000	Financial questionnaire and third party verification plus other relevant documentation if applicable

Underwriting requirements are based on the aggregate sum assured (i.e. including existing cover with all companies as well as the new application with VitalityLife).

Income Protection

Sum assured	Evidence required
Up to £60,000 pa (in the market place)	Application only
Over £60,000 pa (in the market place)	Financial questionnaire signed by client Employed – three most recent payslips and most recent P60 Self-employed – three most recent HMRC agreed tax computations and self-assessments, and accounts relating to these where available Directors of limited companies – three years’ payslips, P60s, company accounts and confirmation of the number of employees.

Financial Limits for Business Protection

Shareholder or Partnership Protection

Sum assured	Evidence required
Up to £2,000,000	Application form only.
£2,000,001 to £3,500,000	The financial questions included in the application form with the relevant sections completed in full (including profit/loss figures and valuations).
£3,500,001 and above	Supporting evidence required in the form of reports and accounts (past three years) or an independent valuation by a professional source.
New start-up companies/companies making a loss	Supporting evidence may be requested, such as a business plan with projections or reports and accounts. Additional information may be requested regardless of the sum assured.

Key Person Protection

Sum assured	Evidence required
Up to £2,000,000	Application form only.
£2,000,001 to £3,500,000	The financial questions included in the application form, with the relevant sections completed in full (including profit/loss figures).
£3,500,001 and above	Supporting evidence required in the form of reports and accounts (past three years).
New start-up companies/companies making a loss	Supporting evidence may be requested, such as a business plan with projections or reports and accounts. Additional information may be requested regardless of the sum assured.

Business Loan Protection

Sum assured	Evidence required
Up to £2,000,000	Application form only.
£2,000,001 to £3,500,000	The financial questions included in the application form with the relevant sections completed in full (including full details of loan and business figures).
£3,500,001 and above	Supporting evidence required (copy of loan agreement and repayment schedule form, reports and accounts).
New start-up companies/companies making a loss	Supporting evidence may be requested, such as a business plan with projections or reports and accounts. Additional information may be requested regardless of the sum assured.

Disability Cover for Business

Sum assured	Evidence required
Up to £1,000,000	Application form only.
£1,000,001 to £2,000,000	The financial questions included in the application form with the relevant sections completed in full.
£2,000,001 and above	Supporting evidence required in the form of reports and accounts (past three years).
New start-up companies/companies making a loss	Supporting evidence may be requested, such as a business plan with projections or reports and accounts. Additional information may be requested regardless of the sum assured.

Where to next?

Conditions Covered

Look up the common conditions covered in our plans for your clients.

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Life Insurance Homepage

Positively different life insurance covering Personal, Business and Mortgage protection.

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Non-Medical Limits

See what type of medical assessment is required from your clients.

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Underwriting

Read about our approach to determining the premiums your clients pay for their cover with Vitality.

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