Legal & General has given its income protection (IP) offering an overhaul.
For the eighth time in 18 months, the insurer has enhanced its IP proposition – changing, among other things, the existence of generic alcohol and drug exclusions. The latest update sees these exclusions removed.
The maximum benefit limit for customers taking out a plan on a standard or low-cost basis has also been raised, from the previous annual figure of £200,000 to a new ceiling worth £240,000. The limit on increasing IP plans is now higher as well, at £168,000 a year.
In addition, Legal & General has introduced not only more competitive pricing on its IP products but also an income guarantee for NHS (National Health Service) doctors, nurses, and surgeons. Customers on an IP plan will also have access to extended support services.
“Offering quality cover at a competitive price is something we are committed to at Legal & General, and that’s exactly what these enhancements to our income protection plans do,” said product director Mark Jones. “Not only have we improved pricing, but these changes also include the addition of new features such as our Nurse Support Services benefit.”
The enhancements are available via intermediaries.
Jones added: “Whether it’s helping to keep up with mortgage repayments or covering day-to-day costs, income protection really can make a big difference to the lives of customers.
“We recognise that intermediaries are already doing great work across the country to ensure people have this type of cover, and it’s our job as a provider to continually ensure that our proposition is of the highest standard.”
