We have simplified our ‘cancel and replace’ process on the same product for level premiums under our PDS Wrapper process for transfers of ownership.
For level premiums only TAL will retain the customers original entry age from the existing policy under the new replacement policy. This will enable customers to continue with a lower premium rate associated with their original entry age rather than be adjusted to their current age.
Will premiums remain the same?
Premium amounts will not always exactly match. This can be for a number of reasons including change in premium rates for the product, grandfathering of stamp duty changes no longer applicable, expiring discounts.
Additional details regarding the Transfer of Ownership process including eligibility criteria, documentation requirements and information on PDS Wrappers is available in the Transfer of Ownership factsheet on the TAL Adviser Centre.
Please keep in mind that there are risks involved in replacing cover. The Transfer of ownership of life insurance policies may have tax implications. Ensure that your client is made aware of the matters that affect them, and seek professional advice if necessary.
To ensure your client has a policy that is eligible for a transfer of ownership or should you require further information on this, please don’t hesitate to get in touch with your Sales Development Manager.
