Initial cover is free and provides advisers and their clients with a grace period after the 20 December deadline to receive gender specific rates while a decision is being made on their application.
Most insurers require applications to be submitted and underwritten by 20 December in order to qualify for gender-specific pricing.
But with it taking time to carry out medical examinations and receive a GP report, some clients may still find themselves missing out due to a time lapse on factors outside of their control. This is especially true for those with larger sums assured or more complicated cases that won’t go through straightforward underwriting.
With Scottish Provident all those eligible who apply before the deadline will receive ‘initial cover’ at gender-specific rates until their application is completed as long as the plan starts before 22 March 2013. After that date uncompleted applications will receive gender neutral rates.
Roger Edwards, managing director of Scottish Provident, said: “The clock is well and truly ticking for advisers and their clients seeking to benefit from gender-specific pricing ahead of the approaching deadline. However, even those who submit their application in good time may find that they are facing increased premiums.
“It can take time to gather all of the information required for an application – particularly if a GP report or medical examination is needed. We are mindful of the problems that could arise from delays in obtaining further information and want to offer consumers’ the fairest approach possible by extending the deadline to get their cover in place.”