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New electronic and paper rates for
Term Assurance and Critical Illness Cover
As
part of Legal & General's long term commitment to the
protection market, we will be introducing a further reprice to
our electronic premiums and some of our paper premiums for our
Term Assurance and Critical Illness Cover products, with
effect from 18 March 2007.
Please see below for all
products/options included in this
reprice:
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Level
and Decreasing Term
Assurance
Level
and Decreasing Term Assurance with Critical Illness
Cover (guaranteed
premiums)
Level
and Decreasing Term Assurance with Critical Illness
Cover (reviewable
premiums)
Family
and Personal Income Plan
Term
Family
and Personal Income Plan Term and Critical Illness Cover
(guaranteed
premiums)
Family
and Personal Income Plan Term and Critical Illness Cover
(reviewable
premiums) |
Paper
premiums have only changed on Term Assurance (Life Only),
where there have been increases in several areas.
Electronic
premiums have changed across the board. Overall premiums have broadly
decreased which has helped maintain our strong competitive
position.
The
new premiums will be available from the following
systems:
Legal & General's Online Protection (OLP) and
portals such as the Exchange, Webline, Assureweb and Bankhall
Online.
Policy
authorisation
| |
Date applications have to
be received by
Legal & General
admin |
Last date for
policy
authorisation** |
|
Rates prior to
18 March 2007 |
18 April 2007* |
18 July
2007 |
*For Online Protection saved and recalled
cases, submission will not be allowed for cases older than
four months from the original quote date.
**We understand that in some
circumstances it is not always possible to adhere to the four
month pipeline rules. For example, when the product is
mortgage related and the sale of the property has not
completed or the case is still being underwritten. Therefore,
we will extend the deadline to a maximum of six months
from the reprice date for cases where the delay is out of the
agent and the customer's control.
Existing transitional
arrangements
For
details, please click on this
link.
Systems
Quotations with the new
premiums will be available from a number of systems, click here for full
details.
Online Protection process
New cases that are submitted via Online Protection and
quoted on or after 18 March will be based upon the new premium
rate. If you have saved a case and obtained an acceptance in
principle before 18 March 2007 and want to submit the case via
Online Protection after this date, this should be accepted, as
long as the case is not over four months old from the original
quote date. Otherwise the manual process should be followed.
Please click on this link for the
Online Protection Manual Process.
Quotes and submission for 'e'
price
To
obtain the 'e' price for your client and receive the extra 10%
LAUTRO Initial Commission (LIC), for level term and decreasing
term life assurance business, the application must be
submitted via either Online Protection or Term PAC, or for
Family and Personal Income Plans, via Online Protection.
Please click here for the quotes and
submission process for 'e' price.
Paper transitional
arrangements
If the
application is accompanied by an illustration, the date of the
illustration will drive the terms of the policy.
It will not be
possible to re-input pipeline cases if the new rate is more
beneficial than the old rate.
Contact Us
Our
specialist Protection sales team are only a phone call away.
If you would like further information on the above, please contact
us. | 
