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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 and paper rates for our Term Assurance and
Critical Illness Cover products, with effect from 20 May
2007.
Please see below for all products/options
included in this reprice:
|
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) |
This
reprice aims to improve our position on Term Assurance and
Term Assurance with Critical Illness Cover (guaranteed
premiums). Our electronic rates were recently repriced within
the last month on 29 April and 6 May and therefore there are
more changes to our paper rates on this reprice. Our
competitive position on electronic rates has been
maintained.
The tables below show a breakdown of these rate
changes:
|
Product |
Electronic
rates |
Paper
rates |
|
Term
Assurance (Life only) |
19%
will be reduced
60% will remain unchanged
21% will
be increased |
52%
will be reduced
7% will remain unchanged
41% will
be increased |
|
Term
Assurance with CIC
(guaranteed
premiums) |
17%
will be reduced
77% will remain unchanged
21% will
be increased |
72%
will be reduced
9% will remain unchanged
19% will
be increased |
|
Term
Assurance with CIC
(reviewable
premiums) |
15%
will be reduced
64% will remain unchanged
21% will
be increased |
36%
will be reduced
7% will remain unchanged
57% will
be increased |
T he above movements
relate to all quote options for the products listed, however
please note that the actual change in rates will differ
according to the individual case.
The
new premiums will be available from the following
systems:
Legal & General's Online Protection (OLP) and
portals such as the Exchange, Webline, Assureweb, Bankhall
Online and Lifequote.
Policy
authorisation
| |
Date applications have to
be received by
Legal & General
admin |
Last date for
policy
authorisation** |
|
Rates prior to
20 May 2007 |
20 June 2007* |
20 September
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, please click on this link for full
details.
Online Protection
process
New cases that are submitted via Online Protection and
quoted on or after 20 May will be based upon the new premium
rate. If you have saved a case and obtained an acceptance in
principle before 20 May 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, 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. | 
