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 2
September 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 improves our competitive position on term
assurance and term with guaranteed
CIC.
The table below gives a broad overview of
these rate changes:
| Term Assurance (Life
only) |
32% of
premiums will be reduced |
63% of
premiums will remain unchanged |
5% of
premiums will be
increased |
| Term Assurance with CIC
(guaranteed premiums) |
28% of
premiums will be
reduced |
69% of premiums will remain
unchanged |
3% of premiums will be
increased |
| Term Assurance with CIC
(reviewable premiums) |
10% of
premiums will be reduced |
81% of
premiums will remain unchanged |
9% 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 |
2 October 2007 |
eApplications
received
post 2 September 2007 will
receive
the new rates** |
| Last date for policy
authorisation |
2 January 2008 |
N/A |
*
You will need to follow the usual Online Protection
manual process by contacting your service team, for
applications submitted from 2 September where you
require rates quoted prior to this date.
** If
you have saved a case and obtained an acceptance in
principle prior to 2 September and then want to submit
the case via OLP post 2 September, 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
.
|
