AXA increases protection financial underwriting limits

AXA has increased its financial underwriting limits for personal and business protection to make the application process easier and faster for customers.

The new limits are £1 million for life cover and £500,000 for critical illness and life or earlier critical illness cover.

Customers applying for personal cover under these limits will not automatically be required to provide financial evidence such as proof of earnings or loan agreement letters.

For business protection, AXA will no longer automatically need to see company accounts for key person, shareholder/partner and business loan protection life cover up to £5 million and critical illness cover up to £1 million.

The new financial underwriting limits put AXA in a competitive position against other providers in the market, many of whom may offer lower limits.

Mike Taylor, Chief Underwriter, said: "These new limits show our commitment to streamline the underwriting process wherever possible.

"They reflect the larger sums assured that are being requested by both personal and business customers.

"Customers will benefit from not having to search out financial evidence such as P60s or wage slips. Advisers will also benefit by having to fill in fewer forms and being able to spend less time on applications."

The previous limits were £600,000 for life cover and £350,000 for critical Illness and Life or Earlier Critical Illness cover.