Ageas Protect has launched its “G-day” protection promise, which vows to help customers who cannot be placed on risk immediately before the introduction of gender neutral pricing.
The provider will enter into a contract with customers who require further underwriting, GP reports or in cases where further medical evidence is required before offering terms, as opposed to the normal practice of entering into a contract after the terms have been offered.
Effectively, this means those who cannot be placed on risk immediately will be able to secure cover at pre-gender neutral pricing levels and will not be forced to pay a higher premium if they cannot secure cover before December 21, when gender neutral pricing begins.
The customer will be covered for accidental death benefit only, until the further evidence is provided. This must be provided by the end of February 2013 and the cover must be activated by the end of March.
Ageas secured legal advice before launching its gender neutral pricing plans.
In March 2011, the European Curt of Justice ruled that from December 21, 2012 insurers can no longer charge different premiums for men and women.
Ageas Protect head of marketing Andy Milburn says: “We are not into gimmicks, we want to make sure that what we do ahead of G-day is tangible and shows that we are doing everything we can to help intermediaries and their customers ahead of G-day.
“Our G-day protection promise will reassure protection intermediaries that customers in the Ageas Protect protection pipeline – whose cover cannot go on risk immediately – should face less hassle in the run-up to G-day on 21st December 2012.”
Highclere Financial Services partner Alan Lakey says: “This is very positive. A lot of comments have been made about the fact we are in the dark about what providers are going to do, how they will work post-gender and what will happen with pipelines.
“What Ageas has done is remove advisers’ concern. Anyone who is looking to get a client through on decent rates will probably use Ageas now, because of the sure-fire knowledge they will get a cheaper rate before rates increase. Other providers will have to follow this lead or risk losing sizeable market share.”