|
New electronic 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
some of our electronic premiums for our term assurance
products, with effect from 9th
April 2007.
Due
to the intensely competitive nature of the protection market,
we have responded where necessary to recent market movements
by our competitors. This
re-price affects electronic premiums for Level and Decreasing
Term Assurance and Level and Decreasing Term Assurance with
Critical Illness Cover (CIC) (guaranteed and reviewable
premiums).
Average
premiums will be broadly decreased. However, you may
notice a number of premiums remain unchanged or have
increased.
This
reprice significantly improves our competitive position on
Level
and Decreasing Term Assurance.
The
new premiums will be available from the following systems:
Legal & Generals Online Protection (OLP) and
portals such as the Exchange, Webline, Assure web, Bankhall
Online and Lifequote.
The
table below gives a broad overview of these rate
changes:
| Term
Assurance (Life
only)
|
28% of
premiums will be reduced |
59% of
premiums will remain unchanged |
13% of
premiums will be
increased
|
| Term Assurance with CIC (guaranteed
premiums) |
19% of
premiums will be
reduced |
69% of premiums will remain
unchanged |
12% of premiums will be increased |
| Term
Assurance with CIC (reviewable premiums) |
18% of
premiums will be reduced |
69% of
premiums will remain unchanged |
13% of
premiums will be
increased |
The
above movements relate to all quote options for the products
listed, however please note that the actual change in premium
will differ according to the individual
case.
Transitional
Arrangements
| |
Current
Rates* |
New
Rates |
Date applications have to
be received by
Legal & General Services
Department |
9th May 2007 |
eApplications
received
after 9th April 2007 will
receive the
new rates** |
| Last date for policy
authorisation |
9th August 2007 |
N/A |
*
You will need to follow the usual Online Protection manual
process by contacting your service team, for applications
submitted from 9th
April 2007 where
you require rates quoted prior to this date.
** If you
have saved a case and obtained an acceptance in principle
before 9th
April 2007 and
then want to submit the case via OLP after 9th
April 2007,
OLP
should allow this to happen as long as the case is not 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.
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. | 
