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Home / News / AXA 'to scrap ongoing duty of disclosure'
AXA 'to scrap ongoing duty of disclosure'
27 November 2007 16:25:16
According to IFAonline.co.uk, the insurance provider would aim to make applications easier to complete by removing the requirement.
"We have not decided whether we definitely will be scrapping the ongoing duty of disclosure but it is something we are exploring," Graham Harvey, AXA's protection managing director, told the website.
"There is a drive across the industry to make things simpler and this is part of that; it is a possibility for us."
Since the beginning of last month, individuals seeking life cover, critical illness cover or income protection from Legal and General have not had to inform the firm of any change to their health or circumstances before a policy starts.
In abolishing the rule, the insurer sought to ensure that its existing and future customers do not need to worry that a future claim may be turned down because they failed to meet the policy requirement.
AXA also recently removed the need for automatic general practitioner report (GPR) limits as a response to feedback from financial advisers regarding the lengthy delays caused by obtaining them.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
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