Aegon UK has become the latest insurer to remove most of its Covid underwriting restrictions for life and critical illness protection.
The protection provider revealed it has now returned to its pre-pandemic maximum ratings for life cover taken out to age 65, and has increased the maximum ratings it will offer for life cover taken out to age 79.
And as more and more people receive their first and second jabs, Aegon also confirms that it will now consider more applications from higher risk customers, such as those with diabetes, higher BMI and respiratory conditions.
Aegon adds that while it is maintaining a cautious approach for a small number of clinically vulnerable customers, for example people who are on immunosuppressants or high-dose corticosteroids, it can now consider them.
The insurer has also returned to its pre-pandemic underwriting levels for critical illness (CI) applications, removing all temporary coronavirus-related medical rating restrictions.
This easing, effective from last Thursday (24 June), applies to all new applications, any on-going applications, and any applications where terms have expired or that require a further underwriting assessment.
Commenting on today’s development, Helen Morris, head of underwriting & claims at Aegon, said: “We’ve been actively monitoring and reviewing the impact of the pandemic as we’ve been keen to make sure that any changes returning us to our pre-pandemic underwriting approach would be permanent. The easing of lockdown restrictions, the acceleration in the UK vaccination programme and the fall in Covid-related mortality rates have been encouraging and given us confidence to remove the majority of our underwriting restrictions for life and critical illness cover.
“These changes will help more people get the financial protection they need, including those higher-risk individuals who might have been restricted in the last year.
“We’re continuing to closely monitor the situation, as we’re committed to returning to our full pre-pandemic underwriting approach as soon as possible.”
AIG Life, Aviva, Legal & General LV=, Royal London and Vitality have all announced the removal of Covid underwriting restrictions in recent months.