The final cut off point is 22 March 2013.
‘Initial Cover’ is a legal contract and lets customers get gender specific premiums up to the day before gender changes come into force.
‘Initial Cover’ offers life cover, critical illness cover and income protection cover up to set limits. Once underwriting on plans is complete, customers have 30 days to accept the decision and upon acceptance will be covered for the full cover they applied for.
Roger Edwards, managing director of Bright Grey and Scottish Provident, said: “There’s been an increasing level of nervousness in the market about arrangements for pipeline business but we’re delighted to announce an innovative solution that takes away any concern that clients will miss the deadline.
“There are obviously a number of challenges for advisers in the lead up to the new gender legislation but we’re sure this special offer will give them and their clients the extra support needed to allow them to secure gender specific rates on their protection plans.
“This is a tremendous opportunity for advisers’ clients to benefit from pre-gender rates right up until the very last minute without having the added pressure of medicals and doctor’s reports all having to be present and complete.
“Just make sure that your clients’ completed applications, including payment information, are with us by the 20 December.”
‘Initial Cover’ is available for a maximum period of 92 days, which allows gender specific rates to be applied to plans as long as the cover applied for starts within 30 days of terms being offered and within the 92 day period.
Bright Grey will cover clients for up to £300,000 for life cover, £125,000 for critical illness cover and £15,000 per year for income protection cover.
Scottish Provident will cover up to £500,000 for life cover, £350,000 for critical illness cover and £15,000 per year for income protection.
Any changes made to an application after 20 December will need to be re-quoted and we’ll apply gender neutral rates. We will process any applications still in the pipeline after 22 March 2013 on gender neutral rates.
