Financial underwriting limits
We will ask your client for additional financial information in certain circumstances.
Use this simple tool to reveal what evidence we need to see depending on the amount of cover asked for. All figures below include any existing cover with Royal London, or other insurers.
Personal Menu Plan
Life Cover
| Limits | Financial evidence requirements |
|---|---|
| <=£2,500,000 | Application form, additional financial information is not usually required |
| £2,500,001 to £4,000,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| >£4,000,000 | Corroborative evidence (see table below) |
Critical Illness Cover
| Limits | Financial evidence requirements |
|---|---|
| <=£800,000 | Application form, additional financial information is not usually required |
| £800,001 to £1,500,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| £1,500,001 to £3,000,000 | Corroborative evidence (see table below) |
Life or Critical Illness Cover
| Limits | Financial evidence requirements |
|---|---|
| <=£800,000 | Application form, additional financial information is not usually required |
| £800,001 to £1,500,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| £1,500,001 to £3,000,000 | Corroborative evidence (see table below) |
Income Protection
| Limits | Financial evidence requirements |
|---|---|
| <=£250,000pa | Application form, additional financial information is not usually required |
IHT Mitigation
| Limits | Financial evidence requirements |
|---|---|
| <=£2,500,000 | Application form, additional financial information is not usually required |
| £2,500,001 to £4,000,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| >£4,000,000 | Corroborative evidence (see table below) |
Business Menu Plan
Life Cover
| Limits | Financial evidence requirements |
| <=£2,500,000 | Application form, additional financial information is not usually required |
| £2,500,001 to £4,000,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| >£4,000,000 | Corroborative evidence (see table below) |
Critical Illness Cover
| Limits | Financial evidence requirements |
| <=£800,000 | Application form, additional financial information is not usually required |
| £800,001 to £1,500,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| £1,500,001 to £3,000,000 | Corroborative evidence (see table below) |
Life or Critical Illness Cover
| Limits | Financial evidence requirements |
| <=£800,000 | Application form, additional financial information is not usually required |
| £800,001 to £1,500,000 | Financial evidence, usually in the form of a Financial Questionnaire |
| £1,500,001 to £3,000,000 | Corroborative evidence (see table below) |
Income Protection
| Limits | Financial evidence requirements |
| <=£75,000 pa | Application form, additional financial information is not usually required |
| £75,001 pa to £100,000 pa | Financial evidence, usually in the form of a Financial Questionnaire |
| £100,001 pa to £250,000 pa | Corroborative evidence (see table below) |
Key Person Income Protection
| Limits | Financial evidence requirements |
|---|---|
| <=£75,000 pa | Application form, additional financial information is not usually required |
| £75,001 pa to £100,000 pa | Financial evidence, usually in the form of a Financial Questionnaire |
| £100,001 pa to £250,000 pa | Corroborative evidence (see table below) |
Relevant Life Plan
Relevant Life Plan
| Limits | Financial evidence requirements |
| <=£4,000,000 | Application form, additional financial information is not usually required |
| >£4,000,000 | Corroborative evidence (see table below) |
Corroborative evidence (typical requirements) table
| Family Protection | Evidence of income from employer or accountant (P60 or equivalent). |
|---|---|
| Inheritance Tax | Accountant's or solicitor's letter to confirm the value of the estate. |
| Loan or Mortgage Cover | Copy of offer letter or loan/mortgage agreement. Additionally for a business loan, audited accounts covering the last 2 years. |
| Key Person Cover | Audited accounts covering the last 2 years. Proof of income (P60 or equivalent). |
| Partnership or Shareholder Protection | Audited accounts covering the last 2 years. Sight of the partnership or share purchase agreement. |
| Business related Income Protection | Employed - Latest P60 or last 3 payslips. Self Employed - 2 years' proof of earnings e.g. salary or earned income confirmed by HMRC. Additionally for Key Person IP, we will also require audited accounts covering the last 3 years. |
| Relevant Life Plan | Evidence of income from employer or accountant (P60 or equivalent). |