|
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 19
August
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 maintains our competitive position on term
assurance and improves our competitive position on
guaranteed CIC.
The table below gives a broad overview of
these rate changes:
| Term Assurance (Life
only)
|
21% of
premiums will be reduced |
59% of
premiums will remain unchanged |
20% of
premiums will be
increased
|
| Term Assurance with CIC
(guaranteed premiums) |
43% of
premiums will be
reduced |
30% of premiums will remain
unchanged |
27% of premiums will be
increased |
| Term Assurance with CIC
(reviewable premiums) |
37% of
premiums will be reduced |
34% of
premiums will remain unchanged |
29% 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 |
19 September 2007 |
eApplications
received
post 19 August 2007 will
receive
the new rates** |
| Last date for policy
authorisation |
19 December 2007 |
N/A |
*
You will need to follow the usual Online Protection
manual process by contacting your service team, for
applications submitted from 19 August 2007 where you
require rates quoted prior to this date.
** If
you have saved a case and obtained an acceptance in
principle prior to 19 August 2007 and then want to
submit the case via OLP post 19 August 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. | 
