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Bright Grey and Scot Prov unveil gender pipeline plans

Roger Edwards

Bright Grey and Scottish Provident will give limited protection cover to customers with applications in the pipeline in the run up to 21 December to ensure they secure cover at cheaper gender specific rates.

The providers will give “initial cover” to customers, which offers the customer limited cover on the product they apply for, until the underwriting process has completed. This means the providers will have entered into a contract before the 21 December deadline, therefore enabling customers to obtain cover at cheaper gender specific rates.

Once the underwriting process is complete, customers have 30 days to accept the decision and, if they decide to accept, they will get the full level of cover they applied for.

Any cases still in the pipeline after 22 March, 2013 will be processed on gender neutral rates.

Bright Grey will impose initial cover limits of £300,000 for life cover, £125,000 for critical illness cover and £15,000 a year for income protection cover.

Scottish Provident will impose initial limits of £500,000 for life cover, £350,000 for critical illness cover and £15,000 a year for income protection.

A customer applying to Scottish Provident for £750,000 life cover will get £500,000 of initial cover until the underwriting has completed and the terms have been accepted. There will be no premiums charged until full cover is accepted.

Bright Grey and Scottish Provident managing director Roger Edwards says: “There are obviously a number of challenges for advisers in the lead up to the new gender legislation but we are sure this special offer will give them and their clients the extra support needed to allow them to secure gender specific rates on their protection plans.

“This is a tremendous opportunity for advisers’ clients to benefit from pre-gender rates right up until the very last minute without having the added pressure of medicals and doctor’s reports all having to be present and complete. Just make sure that your clients’ completed applications, including payment information, are with us by 20 December.”

In March 2011, the European Court of Justice ruled insurers cannot price products based on gender from 21 December, 2012.

Ageas Protect, LV=, Legal & General and Zurich have all released their pipeline strategies.


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