With just a few days left until G-day kicks in advisers and providers alike are busy making sure as many applications as possible are processed and underwritten before the cut off date to make sure customers pay lower premiums.
But some applications will not go through in time – meaning advisers need to know what the transition process will be for the switch to gender neutral rates, which varies from one provider to the next.
IFA Roy McLoughlin of Master Adviser in London said: “There is confusion in the market due to the fact that communications from providers have not always as precise as advisers would like.
“This new matrix provides an excellent guide and summary for any advisers who may need to deal with the tricky subject of applications which don’t meet the G-day deadline.”
The matrix has been created by working with specialist protection advisers who agreed the issues they consider to be the most important for G-Day and the information is provided in a way to make it easier for advisers to compare and contrast different provider’s plans.
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 the second matrix based upon feedback from advisers who felt they had not yet been made aware of life office plans in this area.
F&TRC managing director Ian McKenna added: “Throughout our dialogue with advisers they have been consistently asking for clarity around insurers plans.
“The first matrix focused on getting as many applications through as possible, whereas this second piece of work deals with those cases which will not be accepted in time.
“By assembling a detailed analysis of each insurers plans that can be compared side by side we are providing a central place where advisers from any firm can check and compare where each provider stands on the key G-day issues.”
The nmatrix includes several key issues identified by advisers, including:
• How and when will the new premium be communicated to advisers?
• What will be required from advisers, and/or the customer, to commence a policy post-G-day?
• How can that information be confirmed – for example, by phone, email, online or in writing?