View more on these topics

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.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com