Immediate Cover

Introduction

The immediate cover facility is available to agents of ALL sales channels whereby we assume risk for an applicant before they have been fully underwritten – whilst the necessary evidence is being obtained. It is suitable when protection is required urgently.

Key Criteria

Period of cover is 60 days or until the underwriting decision is made, whichever is the earlier

• Available on all types of life only cover and business related term assurance with Critical Illness Cover (CIC). Not available for waiver, personal CIC and Income Protection Benefit (IPB)
• Maximum sum assured;
  Life cover £3million*
  Business term assurance or personal mortgage/loan cover with CIC rider £1.5 million (guaranteed and reviewable premiums)
  • * A financial questionnaire (personal assurance questionnaire or business assurance questionnaire, whichever is appropriate) must be signed by the applicant and submitted with the request form for sums assured between £2 and £3 million
• Minimum sum assured £100,000
• Excludes death or Total and Permanent Disability (TPD) due to suicide, self inflicted injuries, hazardous pursuits and death whilst outside the UK
• A completed direct debit mandate (DDM) must be supplied
• CIC cover must be business or personal loan/mortgage related and where required, a legitimate business need for the cover must exist, with no existing similar protection in force or applied for
• Immediate Cover is also subject to all usual policy terms and conditions

Process

• The application must be submitted together with the appropriate completed Immediate Cover (IC) Request Form (available from your new business area), a completed direct debit mandate (DDM) and completed financial questionnaire (if applicable)
• The application can be submitted on line and the Request Form can be sent separately
• Once all documentation has been received, the application will be assessed by an underwriter

Cases Already in Progress

• Sometimes the need for Immediate Cover may arise when the underwriting process has already begun. This is acceptable subject to receipt of the Immediate Cover Request form, completed DDM, financial questionnaire (if applicable) and Immediate Cover Underwriting
• Once the policy has been underwritten it will have a policy start date of the same day that Immediate Cover was accepted, and ALL back premiums will be collected on the initial DDM presentation

Please note that if Immediate Cover is declined, it does not necessarily mean that the entire case will be declined, it just means that we will have to wait receipt of all the evidence before a decision can be made.