Nearly 70% of advisers are expecting to see a boost to their protection business in the run up to 21 December.
Earlier today Cover Magazine's first webinar, on the Gender Directive and other factors which will lead to the heavy re-pricing of protection products just before Christmas, asked viewers; Do you anticipate an increase in protection business in the lead up to G Day?
Out of 428 replies, 69.4% expected a certain level of growth as clients bought ahead of anticipated increases in protection pricing.
The LV= sponsored webinar highlighted the inconsistencies and unknowns in the neutralising of gender pricing.
Esentially, the webinar panel concluded, pre-existing policies, group policies and policies sold to a business, such as relevant life, would remain gender priced.
Alterations to existing individual business could require the policy to be repriced as gender neutral, but the panel concluded that alterations to existing policies that did not constitute a new contract could remain gender priced.
LV='s Mark Jones also pointed out that insurers were still at liberty to design products that, while available to all, were heavily skewed towards a particular sex.
Roy Mclougling on Master Adviser said advisers would do well to use the opportunity to look at clients existing cover and as a means of bringing the subject to the fore.
Neil McCarthy of Direct Life added that rebrioking opportunities, currently 25-30% of 'new business' would drop off post Gender day so this was a critical time for advisers for getting new/replacement cover in place.
The overall poll results were;
Do you anticipate an increase in protection business in the lead up to G Day?
• Yes, a real boost 12.6%
• Yes, but only a marginal change 56.8%
• No, no difference 19.4%
• I don't know 11.2%
