Aviva has published the path advisers need to follow to ensure protection pipeline cases benefit from gender-specific rates before the Gender Directive ruling comes into effect.
The approach relates to life insurance (with or without critical illness cover), guaranteed whole of life cover and income protection business.
In order for gender-specific rates to be applied, advisers need to ensure that Aviva has received all of the following items before 21 December 2012:
- A completed application
- Any outstanding information that has been requested
- Confirmation that the client(s) accept the terms offered
- Payment method details (this does not mean that the payment has to be taken before 21 December 2012)
- A policy start date – this can be in the future and does not have to be before 21 December 2012
If Aviva has not received all of the above items by 21 December, applications will be processed on gender neutral rates.
Aviva will implement gender-neutral pricing for all new quotations with effect from the following dates:
- Guaranteed whole of life – 25 November 2012.
- All other products specified in the pipeline process – 17 December 2012.
- The gender-neutral pricing will also incorporate the I-E taxation changes.
Aviva has developed written aids for advisers and their clients, whixh follow on from customer communications which have been underway for several weeks.
The insurer has also has also established a Gender Task Force, which it claims will:
- Obtain financial questionnaires over the telephone to speed up the process
- Use alternative methods of medical evidence to improve efficiency
- Proactively chase surgeries and third parties for the return of medical evidence
- Chase up all outstanding information
- Contact clients in the pipeline to obtain all outstanding evidence and information on advisers’ behalf
- Get business on the books quickly
Richard Verdin, protection director for Aviva, said: “We understand that there is a pressing need for advisers to have clients set up on gender-specific rates, so we wanted to make sure everything is as clear and straightforward as possible. Our checklist ensures advisers know exactly what they need to do before 21 December in order to benefit from the gender-specific rates.
“We’re also keen that customers understand the implications of any delays. This is why we have been communicating with them since August, to help people appreciate the impact if they wait. Together these measures will help put advisers in the best possible position to help protect their clients’ futures.”