Legal & General Individual Protection move to Gender Neutral Pricing today.
21 November 2012
Legal & General move to gender neutral pricing from 21 November 2012.
This means all individual protection products will be quoted using gender-neutral pricing. All new quotes given to customers from today will show the gender-neutral premiums for both males and females and will be guaranteed for 90 days.
On average, female premiums have risen by just under 20%. The table below gives examples of average premium changes. The premium change will vary depending for each individual customer so advisers should check by getting a quote.
This is our initial pricing stance competing against the market which is still on gender specific premiums.
|Product||Male Change||Female Change|
|Life with CIC||-4%||9%|
|Total Life and Life with CIC||-3%||18%|
Stuart Welch, Actuarial Director for Individual Protection, Legal & General said;
"As the leader in the protection market we're moving to gender-neutral pricing early to provide the certainty we believe advisers and their customers need.
The new quotes come with a 90 day guarantee so advisers can begin to think about next year's pipeline with that clarity. It's likely that the market will see some volatility in the aftermath of all the different moves to gender-neutral rates and this will continue into 2013."
Notes to editors
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions. The Legal & General Group, established in 1836, is one of the UK's leading financial services companies. As at 30 June 2012, we were responsible for investing £388 billion worldwide on behalf of investors, policyholders and shareholders. We also had over seven million customers in or our life assurance, pensions, investments and general insurance plans.
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574