| New rates for Term
Assurance and Critical Illness Cover and final reminder
for TELIP deadline |
 |
Tax Efficient Life Insurance Plan (TELIP)
31 July deadline
reminder
Please
note the deadline for pipeline
cases to be processed and completed is 31 July 2007.
TELIP cases will be processed until 5pm on this date. Should you need help in
completing a pipeline TELIP
case please contact your service team as soon as
possible.
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 premiums for our Term Assurance and
Critical Illness Cover products, with effect from 22 July
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)
Family
and Personal Income Plan
Term
Family
and Personal Income Plan Term and Critical Illness Cover
(guaranteed
premiums)
Family
and Personal Income Plan Term and Critical Illness Cover
(reviewable
premiums) |
Changes
have been made across the board. This reprice aims to maintain
our competitive position on Term Assurance and Term Assurance
with Critical Illness Cover for 'e' and paper rates. Our 'e'
rates are regularly repriced therefore the most significant
decreases are on Level and Decreasing Term Assurance for the
paper rates.
The
tables below show a breakdown of these rate
changes:
|
Product |
Electronic
rates |
Paper
rates |
|
Term
Assurance (Life only) |
19%
will be reduced
65% will remain unchanged
16% will
be increased |
73%
will be reduced
10% will remain unchanged
17% will
be increased |
|
Term
Assurance with CIC
(guaranteed
premiums) |
25%
will be reduced
45% will remain unchanged
30% will
be increased |
83%
will be reduced
4% will remain unchanged
13% will
be increased |
|
Term
Assurance with CIC
(reviewable
premiums) |
25%
will be reduced
43% will remain unchanged
32% will
be increased |
72%
will be reduced
4% will remain unchanged
24% 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
22 July 2007 |
22 August 2007* |
22 November
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 22 July will be based
upon the new premium rate. If you have saved a case and
obtained an acceptance in principle before 22 July 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, or for Family and Personal Income Plans
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.
 |
We have collected the coveted Life
Insurer of the Year Award for the eighth time in ten
years at the prestigious British Insurance
Awards.
| | 
