The specific product affected is LifePlan, Royal London 360°’s flexible whole of life product, offering critical illness and life cover, which will no longer be sold to any EU residents.
A Royal London 360° spokesperson stated that a “handful” of LifePlans have been sold via trusts in the Channel Islands, where the underling life assured is EU resident.
“As the legislation is aimed specifically at all EU residents, the company has taken the decision to no longer accept any further trust related business through the Channel Islands where the underlying life assured is EU resident.”
The existing LifePlan will continue to be marketed in the Middle East, Africa and Far East, where the EU gender rules do not apply.
The gender legislation takes effect on Friday 21 of this month.
