|
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
our electronic premiums for our term assurance products, with
effect from 10 June 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).
This
reprice regains our competitive position on term assurance and
term assurance with guaranteed critical illness cover, with
the more significant decrease affecting term assurance with
guaranteed critical illness
cover.
The
table below gives a broad overview of these rate
changes:
| Term
Assurance (Life
only)
|
11% of
premiums will be reduced |
83% of
premiums will remain unchanged |
6% of
premiums will be
increased
|
| Term Assurance with CIC (guaranteed
premiums) |
34% of
premiums will be
reduced |
63% of premiums will remain
unchanged |
3% of premiums will be increased |
| Term
Assurance with CIC (reviewable premiums) |
13% of
premiums will be reduced |
55% of
premiums will remain unchanged |
32% 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, Assureweb, Bankhall Online and
Lifequote.
Transitional
Arrangements
| |
Current
Rates* |
New Rates |
Date applications have to be
received by
Legal & General Services
Department |
10 July 2007 |
eApplications
received
post 10 June 2007 will
receive the new
rates** |
| Last date for policy
authorisation |
27 October 2007 |
N/A |
*
You will need to follow the usual Online Protection manual
process by contacting your service team, for applications
submitted from 10 June 2007 where you require rates quoted
prior to this date.
** If you have saved a case and
obtained an acceptance in principle prior to 10 June 2007 and
then want to submit the case via OLP post 10 June 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. | 
