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LV= unveils gender pipeline strategy

Mark Jones 200
Mark Jones

LV= will switch to gender neutral rates on 1 December in an effort to deal with pipeline cases ahead of gender neutral pricing.

The provider will underwrite an application based on medical information provided and offer customers a pre-gender premium as long as the application is received by 1 December.

If further medical evidence is needed, LV= will offer a “G-Day guarantee” that the business will be placed on pre-gender equalisation rates. The further evidence needs to be provided within three months of the cover start date.

If the medical evidence is materially different from the application, LV= will alter the premium but this will still be on pre-gender rates. LV= expects to make alterations to around 1 per cent of policies on medical grounds.

LV= head of protection Mark Jones says: “We have listened to advisers’ requests to provide a clear, simple and common-sense approach to pipeline business and switch to gender-neutral rates ahead of 21 December to avoid any last-minute uncertainty.”

In July, Ageas Protect launched its “G-day” protection promise to help customers who cannot be placed on risk before 21 December to secure cover at pre-gender neutral pricing levels.

In March 2011, the European Court of Justice ruled that from 21 December 2012 insurers can no longer charge different premiums for men and women.

Plan Money managing partner Peter Chadborn says: “There is no ambiguity about it – you get your application in by 1 December and you will get pre-gender rates. Advisers need this sort of certainty.”


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. I still can’t see how its unfair that material facts can’t be taken into account. It is a material fact that women live longer on average. It is a material fact that men suffer less critical illnesses (we just die generally). So what if women pay cheaper car insurance as well, they act like morons far less on the road.

    Soon it will be unfair and discriminatory to medically and financially underwrite people…

  2. Good to see LV giving clarity and joining other Friendly Societies like British Friendly who already have gender neutral rates for IP and have had since launch.

  3. Good to see another Insurance Co be prepared to assist intermediaries. Where are the big boys such as Aviva and Legal and General with their plans?

  4. Nice positive step from LV=, particularly in relation to a switching rates on 1st December. What we now need is everyone else to adopt the same deadlines and procedures and stretch them across all products. This would be the best way to treat customers (and intermediaries) fairly.

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