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Final
reminder and change to completion
criteria
Deadline
for completion of TELIP applications is Thursday 5th
April
Further to our Protection Update issue 55, we
are writing to remind you that Thursday 5th April
is the last date for TELIP business to be authorised and
completed.
Completion Criteria
The pre-budget guidelines simply stated that
start dates need to be “appropriate”. Following the recent
budget by Her Majesty’s
Treasury, it has been confirmed that the final date
that policies can start is also Thursday 5th
April. Therefore, we are unable to accept start dates up
to 60 days from Thursday 5th April, as stated in
Protection Update issue 55.
As you know we have been doing everything we can
to help you to complete as many outstanding TELIP policies
before the deadline by providing a TELIP ‘deadline-busting’
underwriting priority service. This is available from your
normal service team until 5pm on Thursday 5th
April. Click
here for more details.
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Cut off times for Thursday 5th
April
·
Phone
lines close at 5pm
·
Our
underwriting teams will work through until
7pm
·
We
will accept fax requests for starting the policy
only until 8pm when fax lines will close. We will
then authorise cases up to 9pm.
·
Saved
cases on Online Protection (OLP) will have to be sent by
5pm in order for them to
complete. |
Any TELIP cases that have not been completed by
Thursday 5th April can be switched to Ordinary Term
Assurance (OTA), so your clients can benefit from valuable
life cover.
If your client would like to switch to an OTA, a
simple phone call to your usual service team is all that is
required. You will need to confirm to the service team that
the case has been re-sold to your client, and they will then
switch it to OTA. The new premium will be calculated, based on
our current term assurance rates. This facility will be
available for one month so that you can satisfy your customer
needs with a minimum of inconvenience.
What happens to clients who have a Guaranteed
Insurability Option on their existing
TELIP?
There will be a number of existing TELIP cases
that will be eligible for Guaranteed Insurability Option
(GIO). If these
policyholders wish to exercise their GIO, due to the changes
in the HMRC government rules, we won’t be able to issue a new
TELIP policy for the additional amount of cover. However, we will still
be able to honour the GIO, and will instead provide the
policyholder with OTA for the additional cover on OTA
premiums.
Contact Us
If you need any help or have any questions on
TELIP or any other matter, our specialist Protection sales
team are only a phone call away.
If you would like further information on the
above, please click
here. | 
