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Aegon unveils gender pipeline plans

Aegon hq 480

Aegon has announced that protection customers must accept terms on completed contracts before 21 December in order to secure gender specific rates.

The provider says all evidence and underwriting must be completed before the deadline and a start date for the cover must be agreed. The cover does not need to start before 21 December but must be within 30 days of the terms being issued.

There also needs to be a form of payment set up, for example a direct debit mandate.

If terms and a start date have not been agreed by the deadline new acceptance terms will be issued on gender neutral rates.

Aegon has launched a dedicated pipeline servicing team to help advisers ensure all information is completed and secure any outstanding information needed from GPs.

Head of at-retirement proposition Rod McKie says: “We recognise that the run up to 21 December will be a busy time for advisers and we want to do all that we can to ensure that applications are processed as quickly as possible prior to the deadline.

“Working in partnership with advisers, this dedicated pipeline service team will ensure that we are proactively sourcing all information required to complete business. Advisers should continue to use their dedicated servicing team phone numbers.”

In March 2011, the European Court of Justice ruled that insurers cannot price products based on gender from 21 December.

Legal & General has taken the same approach and has also set up a dedicated gender pipeline team.

Zurich will switch to gender-neutral rates on its whole-of-life plan and income protection plan on 10 December and its level protection and decreasing mortgage plan on 17 December. All applications still in the underwriting process after 20 December will be offered gender-neutral rates.

Bright Grey and Scottish Provident, on the other hand, will give limited “initial” cover to customers with applications in the pipeline until the underwriting has been completed. Cases in the pipeline have until 22 March to complete to secure gender specific rates.

Ageas Protect will enter into a contract with the customer before the underwriting stage, although the customer will only be covered for accidental death cover until the underwriting is complete.

LV= will switch to gender-neutral rates on 1 December, but will offer gender-specific rates to customers who submit applications before that date.

Aviva, Friends Life and PruProtect have yet to release their plans.

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