LV=  will switch
its protection business to gender neutral rates on 1 December 2012
and is offering advisers a ‘G Day Guarantee’ ahead of the
forthcoming EU gender directive.  

The EU gender directive means that from 21
December 2012, which is known as ‘G Day’,  premiums and
benefits for all new insurance contracts will have to be calculated
on a gender-neutral basis.

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Insurance spans a wide range of contracts
that currently use gender as a risk rating factor. This includes
life and health protection and retirement annuities.

LV= said switching to
gender neutral rates ahead of the legislation enforcement provides
certainty for advisers, and ensures applications in the pipeline by
1 December can be processed on gender specific rates ahead of the
21 December deadline.

If by 1 December an application has
further medical evidence outstanding, LV= will offer a ‘G Day
Guarantee’ to ensure the business can still be placed on gender
specific rates in time.

In the unlikely event
that the medical evidence received is materially different to that
given at application, LV= said it will inform the adviser that the
terms of the policy will be reviewed, but importantly cover will
remain on gender specific rates.

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LV= said it will not
apply the ‘G Day Guarantee,’ to female income protection business
as it says premiums are set to decrease with the implementation of
gender neutral pricing, or where an adviser instructs LV= not to do
so.

Commenting on the
switch, Mark Jones, head of protection at LV=, said: “We’ve
listened to adviser’s requests to provide a clear, simple ad common
sense approach to pipeline business, and switch to gender neutral
rates ahead of 21 December to avoid any last minute
uncertainty.”