Rates
Legal & General (L&G) has re-priced its range of term assurance and critical illness (CI) products so that advisers can access cheaper rates by submitting business online.
The insurer has reduced its 'e-rates' for life-only cover and term cover with both guaranteed and reviewable CI rates. Premiums for life-only business, with 35 and 40-year terms, which is submitted online, have also been reduced. However rates for paper submissions have been increased.
The changes, which took effect from 23 May 2004, include all term assurances - level, indexed, convertible, decreasing, with or without CI cover and with guaranteed or reviewable premiums.
L&G said the rate reduction varied between products, but stood at a 'few percentage points.' The rate increase for paper-based submissions was also described in this way.
The reduced e-rates can be accessed from The Exchange, WebLine, IFA Engine, AssureWeb and Synaptic.
Reacting to the changes, Jason King, director of Life Policies Direct, said: "It is clearly encouraging the IFA to use online submission, which we applaud."
The insurer has also updated its Steps to Health package for members of L&G's group risk schemes. The telephone-based employee assistance programme now offers access to stress counselling and advice on legal and tax issues. The new services join existing helplines.
