The technical area explains how the EC gender directive will affect female customers wishing to buy life cover or life cover with critical illness products in the run-up to the introduction of gender neutral pricing and products on and after 21st December 2012, and how it will impact male customers seeking to buy income protection cover.
The protection provider's legislative focus is also designed to improve awareness of the removal of the ‘I-E' tax regime due on 1st January 2013 and suggests protection intermediaries consider the potential impact this could have on their customers and the premiums they pay for their cover, alongside the impact of the gender directive.
Andy Milburn, Head of Marketing, Ageas Protect, comments:
"Protection intermediaries need to be aware of the bigger picture in the final months of 2012. Gender neutral pricing definitely creates a number of major challenges. But it is not the only major regulatory change that will affect protection customers at the end of 2012. The ‘I-E' tax regime change could also have a major impact on any protection advice that intermediaries give to their customers. You can't consider one thing in isolation; intermediaries and providers need to work together to consider and understand the impact of both initiatives.
"We will update and inform our intermediary partners over the coming months via our new micro site on a number of issues that the ‘I-E' tax regime change and introduction of the gender directive create, including the answers to a growing number of questions that protection intermediaries will need to know on both subjects."
