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 premiums for our term
assurance products, with effect from 17 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).
It
improves our competitive position on term assurance and
term assurance with guaranteed critical illness cover.
The more significant premium reductions are on term
assurance particularly low sum assured, younger
lives.
The table below gives a broad overview of
these rate changes:
Term Assurance (Life
only)
13% of
premiums will be reduced
86% of
premiums will remain unchanged
1% of
premiums will be
increased
Term Assurance with CIC
(guaranteed premiums)
12% of
premiums will be
reduced
86% of premiums will remain
unchanged
2% of premiums will be
increased
Term Assurance with CIC
(reviewable premiums)
9% of
premiums will be reduced
87% of
premiums will remain unchanged
4% 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
17 July 2007
eApplications
received post 17 June 2007 will receive the
new rates**
Last date for policy
authorisation
17 October 2007
N/A
*
You will need to follow the usual Online Protection
manual process by contacting your service team, for
applications submitted from 17 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 17 June 2007 and then want to submit
the case via OLP post 17 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.
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.
