In the first of a series aimed at all areas of financial services, F&TRC Protection Forum has compiled a matrix detailing where providers stand with regards to treatment of existing policies.
The trade body said that, whilst G-day has now passed, it will continue to impact advice given to clients for many years as adviser look to take advantage of, where possible, any options within plans.
As future treatment of existing policies will vary from insurer to insurer, advisers will be alerted to issues when making changes to existing plans and when considering whether to amend existing cover or to replace it.
The information in the system is populated by life companies and updated in real time so providers can update this at any time for any given issue changes
The new matrix includes several key issues identified by advisers, including:
• Which plan amendments would trigger a switch to gender neutral rates for a plan in force prior to G-Day?
• If a policy lapses and reinstates post G-day will cover remain on Gender Specific rates?
• If GIOs are exercised post G-day will cover remain on Gender Specific rates?
Peter Chadborn, an adviser at IFA Plan Money, said; "The original G-day matrices from F&TRC provided a valuable tool for us in the run up to G-day.
"In the future it will become difficult to track and record each provider's rules regarding issues such as policy amendments and so being able to have a similar matrix which summarise the rules for existing business will also be a huge help."
Protection Forum, which includes a range of protection advisers, life offices and reinsurers, discussed a range of concerns regarding G-day at the group's last meeting in November and agreed to compile further tools and matrixes in 2013 based upon feedback from advisers.
F&TRC Managing Director Ian McKenna, said: "Our aim is to provide a central access point where advisers can compare and contrast information from a full range of providers in a single location."
