Legal & General key enhancements to financial underwriting guidelines

11-01-2024

We are excited to announce some important enhancements to our financial underwriting guidelines. These updates are designed to simplify the underwriting process and provide clearer guidelines, enhancing our services to provide you and your clients with the best possible experience.

Financial underwriting guide enhancements 

Updated third-party financial requirement

We’ll now only require third-party financials if the total life insurance coverage (in force and applied for) through Banner Life Insurance Company and William Penn Life Insurance Company of New York is $5 million or more for business coverage and $10 million or more for personal coverage.

• Please note: Total life insurance coverage with all carriers must be financially justified and, at the discretion of the underwriter, additional financial information may be requested

Reduced business loan repayment term
We have reduced the loan repayment term requirements from a minimum of 10 years to a minimum of 7 years.