With the introduction of Gender Equalisation (GE) legislation on 21 December 2012, Canada Life International Limited (CLI) has announced its approach to the introduction of unisex rates for its Flexible Life Plan.
CLI will be able to issue a policy on a gender specific basis as long as acceptance terms have been received by 19 December 2012. Any terms issued by the company prior to the 20 November 2012 will have a 30 day valid period for acceptance. However, from the 21 November 2012 any terms issued will have a shorter validity period as these can only be accepted by the 19 December 2012.
To help with the transition, in addition to supplying gender specific quotations for advisers, CLI will also produce gender neutral quotations when requested for new and existing pipeline cases leading up to the Gender Equalisation deadline.
To ensure that all intermediaries and their clients are aware of these arrangements, flyers will be included with every quotation to explain the process and timeframes as well as regular email updates on Gender Equalisation.
Canada Life is committed to the adviser market and they have introduced a proactive team to deal directly with advisers on a case by case basis. This team is contactable via email, email@example.com or phone, Adviser Support: +44 (0) 1624 820299.
Alistair Brown Head of Operations, Canada Life International Limited said:
“Gender Equalisation legislation will have a big impact on the market and we are looking to make this transition as smooth as possible for advisers and their clients. Due to the timescales involved from receiving an application to issuing terms, service is key and we’ve formed a team which is dealing directly with intermediaries to ensure that pipeline cases are given the attention to detail they deserve to meet the deadline.
“As intermediaries are aware, whole of life contracts can take longer to issue due to underwriting requirements (for example attending medicals, arranging for financials to be completed). It is therefore vital in the lead up to Gender Equalisation that as much information as possible is supplied to enable a quicker turnaround.”