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 27 May 2007.
Due
to the intensely competitive nature of the protection market
we have responded where necessary to
recent market movements by our
competitors.
This
reprice affects Electronic IFA premiums for Level and
Decreasing Term Assurance and Level and Decreasing Term
Assurance with Critical Illness Cover (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 regains
our competitive position with the more significant decrease
affecting Level Term
Assurance.
The
table below gives a broad overview of these rate
changes:
Term
Assurance (Life
only)
49% of
premiums will be reduced
40% of
premiums will remain unchanged
11% of
premiums will be
increased
Term Assurance with CIC (guaranteed
premiums)
10% of
premiums will be
reduced
88% of premiums will remain
unchanged
2% of premiums will be increased
Term
Assurance with CIC (reviewable premiums)
10% of
premiums will be reduced
87% of
premiums will remain unchanged
3% of
premiums will be
increased
The above
movements relate to all cells for the products listed, however
please note that the change in premiums will differ according
to individual quote details.
The
new premiums will be available from the following systems:
Legal & General’s Online Protection (OLP) and portals such
as the Exchange, Webline, Assure web, Bankhall Online and
Lifequote.
Transitional
Arrangements
Current
Rates*
New Rates
Date applications have to be
received by Legal & General Services
Department
27 June 2007
eApplications
received post 27 May 2007 will receive the new
rates**
Last date for policy
authorisation
27 September 2007
N/A
*
You will need to follow the usual Online Protection manual
process by contacting your service team, for applications
submitted from 27 May 2007 where you require rates quoted
prior to this date.
** If you have saved a case and
obtained an acceptance in principle prior to 27 May 2007 and
then want to submit the case via OLP post 27 May 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.
This
is not a consumer advertisement. It is intended for
professional financial advisers and should not be relied upon
by private individuals or any other persons.
