Aegon has removed most of its underwriting restrictions for life and critical illness protection.

These restrictions were introduced last year due to the Covid-19 pandemic.

This easing came into effect on 24 June 2021. It applies to all new applications, any on-going applications, and any applications where terms have expired or that require a further underwriting assessment.

Hence, Aegon is returning to its pre-pandemic maximum ratings for life cover taken out to age 65.

It has also increased the maximum ratings it will offer for life cover taken out to age 79.

Aegon has confirmed it will consider more applications from higher risk customers. This is thanks to the success of the UK Covid vaccination programme.

This includes people with diabetes, higher BMI and respiratory conditions.

Yet, Aegon is still taking a cautious approach with a number of clinically vulnerable customers, such as people who are on immunosuppressants or high-dose corticosteroids.

But it does not mean that Aegon will still consider their applications.

Scottish Widows considers jab status for high risk cover

Aegon has also returned to its pre-pandemic underwriting levels for critical illness applications.

It has removed all temporary coronavirus-related medical rating restrictions.

Aegon said it has made these changes with the confidence that they will be permanent.

Advisers who need help and support during the application process will now be able to speak directly to Aegon’s team of underwriters.

This can be done through Aegon’s pre-submission underwriting helpline.

Aegon head of underwriting and claims protection Helen Morris 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.”

Other insurance companies have also been lifting or easing their restrictions. Last week, Money Marketing reported that Scottish Widows had become the first insurer to announce a dual approach depending on whether the client has received the coronavirus vaccine.

Meanwhile earlier this month, AIG Life removed the last of its individual protection Covid underwriting restrictions and returned its underwriting criteria to pre-pandemic levels for all but the largest sums assured.

AIG’s UK life insurance arm eased underwriting restrictions in April and May and has now increased the maximum level of underwriting loading it is willing to insure people at, including for people considered clinically vulnerable to Covid.

Helen Croft, head of underwriting strategy at AIG Life said: “Now that most people in ‘higher risk’ groups have had their second vaccinations and the risks are reducing, it’s right to reach the end of our own Covid road map, even with variants creating uncertainty about the UK government’s easing of restrictions. AIG’s changes mean approximately 3% more people will be able to access protection insurance.”

Royal London removed restrictions to its underwriting philosophy on 24 May.

The firm said that six in 10 of the applications that were postponed due to Covid-19 restrictions would be offered terms for cover.