Industry reports of G-Day spikes continue

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The industry is continuing to report pre G-Day sales spikes as it moves beyond the deadline.

Bright Grey and Scottish Provident sales of life, critical illness and income protection product sales were up by a quarter in the run up to gender neutralisation.

The number of policies that started in December 2012 was up by 27% and 25% respectively compared to the same time in 2011.

And the number of life policies increased by 19% for Bright Grey and 58% for Scottish Provident.

A breakdown of the data showed the number of women buying life policies increased with Scottish Provident reporting an increase of 95% year-on-year, compared to a 52% rise for Bright Grey; 20 December saw the greatest number of applications.

Roger Edwards, managing director of Bright Grey and Scottish Provident, said: "Since the terms of the new EU gender directive were announced, we called on people to take action and protect their financial futures by purchasing products ahead of the deadline while prices remained at low levels."

Intermediary quote portal Assureweb also reported a "significant" increase in activity, both comparison requests and adviser users, pre G-day.

Whole of life and annuities saw the biggest increase in activity, with 72% and 68% respective year-on-year growth in comparison requests and 41% and 29% increase in adviser use.

Term assurance and critical illness saw a rise of 17% quote requests and 7% increased adviser acitivity.

Assureweb also reported "a record breaking" volume of new business transactions on 20 December, receiving 786 new business applications.

Martin Bamford, managing director at Informed Choice, said: "We saw a spike in life assurance and annuity enquires in the weeks leading up to G-day, from both men and women concerned they would lose out financially as a result of the rule change.

"December is traditionally a quieter month for IFA businesses, so it made a welcome change to experience this level of interest in protection and retirement planning."

Mark Wilson, director of sales and marketing for AssureWeb, said the increases were largely down to the EU gender directive but may have also been impacted by pending RDR regulations as more advisers moved into protection and annuities.

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