Ageas Protect has promised to support customers whose applications cannot be placed on risk immediately before the introduction of gender neutral pricing.
With the ‘G-day protection promise' Ageas will enter into a contract, with conditions attached, for customers where further underwriting, GP reports or a medical are required before a premium can be confirmed.
This contract will only be available for applications submitted to Ageas by protection intermediaries from 13th July 2012 to before midnight on 20th December 2012 for cases where Ageas is unable to provide exact terms without further investigation.
This move allows Ageas to promise that, if it is able to provide those customers with cover, it will do so on the basis of premiums set at the rate applicable at the time the contract was entered into.
Ageas will be on risk for Accidental Death Benefit but not for the other covers unless and until the additional information is received and cover is activated.
The cover is conditional upon all required information being received by the end of February 2013, and cover being activated by the end of March 2013.
Ageas noted 62% of applications receive an immediate underwriting decision while only 10% of applications have required a GP report in 2012 so far.
Andy Milburn, Head of Marketing at Ageas Protect, says: "So far, we've focused our efforts on the process and business as usual aspects of G-day.
"We're not into gimmicks, we want to make sure that what we do ahead of G-day is tangible and shows that we're doing everything we can to help intermediaries and their customers.
"Our G-day protection promise will reassure protection intermediaries that customers in the Ageas Protect protection pipeline - whose cover cannot go on risk immediately - should face less hassle in the run-up to G-day on 21st December 2012."
Further details are on the Ageas Protect technical website.
