Provider unveils plans for pipeline business
Zurich today became the second life office to confirm the date on which it will introduce gender neutral pricing ahead of the EU gender directive.
The directive – which will prevent insurers from pricing according to gender – comes into force on 21 December and thus far LV= has been the only mainstream provider to announce when it will change to gender neutral rates, on 1 December.
Today, Zurich revealed that it would be switching to gender neutral pricing on 10 December for its whole of life Adaptable Plan and its income protection product.
For its level protection and decreasing mortgage cover plan, the date will be 17 December.
The insurer has also confirmed how it will be treating pipeline business in the run up to the deadline.
It says applications submitted before the 10 and 17 December deadlines will be issued on gender specific rates up until close of business on 20 December, while any applications which are not fully processed by 20 December will be issued on gender neutral rates.
This approach is in contrast to some other providers, such as LV=, which have guaranteed that business can still be placed on gender specific rates even if further medical evidence is outstanding by 20 December.
Peter Hamilton, head of protection for UK life at Zurich, said: “We have chosen dates that give as many customers as possible the opportunity to benefit from gender specific rates.
“The majority of our protection policies submitted online get an instant decision, and we will do all we can to ensure that customers have cover in place on gender specific rates before 20 December 2012.”