The Isle of Man-based life company will be able to issue a policy on a gender specific basis as long as acceptance terms have been received by 19 December 2012. Any terms issued by the company prior to the 20 November 2012 will have a 30 day valid period for acceptance.
However, from the 21 November 2012 any terms issued will have a shorter validity period as these can only be accepted by the 19 December 2012.
To help with the transition, in addition to supplying gender specific quotations for advisers, Canada Life International stated it will also produce gender neutral quotations when requested for new and existing pipeline cases leading up to the gender equalisation deadline.
Flyers will be included with every quotation to explain the process and timeframes as well as regular email updates on gender equalisation.
Alistair Brown head of operations, Canada Life International, said gender equalisation legislation will have a big impact on the market: “As intermediaries are aware, whole of life contracts can take longer to issue due to underwriting requirements. It is therefore vital in the lead up to gender equalisation that as much information as possible is supplied to enable a quicker turnaround.”
A team to deal directly with advisers on a case by case basis is contactable via email, [email protected] or phone, Adviser Support: +44 (0) 1624 820299.
