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LV= extends G-Day guarantee

Press release: 08/11/2012

Protection specialist LV= will switch its protection business [1] to gender neutral rates on 10 December 2012, and is extending its ‘G Day Guarantee’ to ensure all applications received before this date are processed on gender specific rates, ahead of the gender directive coming into force on 21 December 2012.

LV= is also extending its income protection sale, with all new quotes automatically reduced by 5% up to and including 9 December 2012.

Switching to gender neutral rates ahead of the legislation enforcement provides certainty for advisers, and being able to move the G Day Guarantee date from 1 December to 9 December gives advisers even more time to get applications in on gender specific rates.

If an application is in the pipeline, and on 10 December has further medical evidence outstanding, LV= will guarantee the business can still be placed on gender specific rates.

Mark Jones, LV= Head of Protection said: “We have extended our ‘G Day Guarantee’ to offer advisers what we believe is the strongest overall gender pipeline strategy in the market. Being able to extend our guarantee period gives advisers an even greater opportunity to secure gender specific rates, and avoids the difficult situation of having to tell clients they need to pay substantially more for the same policy if it isn’t processed in time.

LV= recently launched a website dedicated to helping protection advisers ahead of the gender directive and I minus E tax changes.

The LV= ‘G Day Guarantee’

LV= guarantees protection applications received on or before 9 December will be processed on gender specific rates.

LV= will underwrite applications based on the medical information provided by the client at application, and using normal underwriting standards will offer them a premium and terms. If accepted by the client, the application will be put on-risk for the full cover applied for on gender specific rates, before the 21 December deadline. LV= will then seek the additional medical evidence as normal, which must be received within three months of the cover start date.

In the unlikely event that the medical evidence received is materially different to that given at application, LV= will inform the adviser that the terms of the policy will be reviewed, but importantly cover will remain on gender specific rates. To provide as much certainty as possible for advisers, policies will not be adjusted for small differences in medical disclosure.

LV= won’t apply the G Day Guarantee to female income protection business, as premiums are set to decrease under gender neutral pricing, or where an adviser instructs LV= not to do so.

Advisers do not need to request that the ‘G Day Guarantee’ is applied to protection applications received on or before 9 December. LV= will update the adviser on the progress of the application as normal, and automatically inform the adviser if the guarantee will be activated.

For further details on LV=’s range of flexible protection and retirement products go to

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Notes to editors

[1] LV= will switch to gender neutral pricing from 10 December 2012, for all quotes requested and applications received by LV= for

  • Flexible Protection Plan income protection, critical illness and life cover

  • LifeTime+ (underwritten whole of life)

  • Family Income Assurance

  • Gift Inter Vivos

  • Mortgage & Lifestyle Protection.

[2] For applications received by LV= between 1 September 2012 and 9 December 2012 inclusive LV= will offer the guarantee for pipeline applications where medical evidence is still outstanding on 10 December, for

  • Flexible Protection Plan - income protection, critical illness and life cover

  • LifeTime+ (underwritten whole of life)

  • Family Income Assurance

  • Gift Inter Vivos

  • Mortgage & Lifestyle Protection.

LV= will not offer the guarantee

  • for female Flexible Protection Plan – income protection and Mortgage & Lifestyle Protection business

  • without a fully completed application (with direct debit instructions) and/or completed tele-interview (where required)

  • where money laundering identity checks or financial evidence or full client authorisation to obtain medical evidence is still required

  • for applications that are declined or postponed at application stage as per normal underwriting practice

  • where the adviser has requested LV= not to do so

For qualifying cases, LV= will underwrite the application based on the information available, calculate the premium for the cover applied for and offer terms. Provided LV= possess valid direct debit information and the client (or the adviser on their behalf) has confirmed acceptance before 21 December 2012, LV= will put the application on risk and on gender specific rates.

On receipt of the medical evidence, LV= will review the application and terms offered. In the vast majority of cases, LV= expects there will be no change to premium or terms, and will re-confirm the agreed terms to the client and adviser. In the rare event that medical evidence reveals a significant difference to the risk, LV= will review terms (which will remain on a gender specific basis) and advise the client and adviser accordingly.

For cases where the guarantee is activated and on risk, LV= will continue to seek the required medical evidence, which must be received within three months of the on risk date. If medical evidence is not received by that point, LV= will notify the client and adviser and will cancel the policy.

LV= will cap the amount of cover under the G Day Guarantee to a maximum of:

  • £500k for Flexible Protection Plan – life protection, Gift Inter Vivos, Lifetime+ and Family Income Assurance

  • £300k for Flexible Protection Plan - stand alone critical illness or combined life and critical illness

  • £50k yearly benefit for Flexible Protection Plan - income protection and Mortgage & Lifestyle Protection.


LV= employs over 5500 people and serves around five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trades unions.

LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.