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 and some of our paper premiums for our
Term Assurance and Critical Illness Cover products, with
effect from 30 September 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 and reviewable premiums)
-
All Family and Personal Income
Plans (with and without Critical Illness Cover,
guaranteed and reviewable
premiums)
|
This
reprice has significantly improved our position on Term
Assurance with Critical Illness Cover (guaranteed premiums)
and on Family and Personal Income Plans (with and without
Critical Illness Cover) for our electronic rates.
We
have also improved our competitive position on all products
for IFA Paper.
The
tables below show a breakdown of these rate
changes:
Term Assurance
(Life only)
Electronic |
Paper |
|
11%
will be reduced
70% will remain unchanged
19% will
be increased
|
68%
will be reduced
15% will remain unchanged
17% will
be increased |
Term Assurance
with Critical Illness Cover (guaranteed premiums)
Electronic |
Paper |
|
36%
will be reduced
52% will remain unchanged
12% will
be increased
|
94%
will be reduced
1% will remain unchanged
5% will
be increased |
Term Assurance
with Critical Illness Cover (reviewable premiums)
Electronic |
Paper |
|
30%
will be reduced
42% will remain unchanged
28% will
be increased
|
52%
will be reduced
16% will remain unchanged
32% 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, and
Lifequote.
Policy
authorisation
| |
Date applications
have to be received by
Legal & General
admin |
Last date for
policy
authorisation** |
Rates prior to
30 September 2007 |
Paper - 30 October 2007
OLP* |
30 January
2008 |
*For Online Protection saved and recalled
cases, submission will not be allowed for cases older than
four months from the original quote date. Electronic
applications received post 30 September 2007 will receive new
rates. You will need to follow the usual Online Protection
manual process by contacting your service team for
applications submitted from 30 September 2007 where you
require rates quoted prior to this
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 cases 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
here.
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 30 September 2007
will be based upon the new premium rate. If you have saved a
case and obtained an acceptance in principle before 30
September 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, 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.
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