Legal & General has launched its Income Protection Benefit Plan, available online, via it’s new business system OLP Connect, and completes the Legal & General menu proposition.
Bernie Hickman, Legal & General’s managing director for Protection said: “We’re offering advisers and their clients flexibility and value for money with a five star income protection product and a full menu proposition.”
He said L&G had overhauled its income protection offering, after advisers expressed concern over income protection definitions and removed the ‘any’ occupation definition altogether. He said: “We’re also guaranteeing that all policyholders get an ‘own’ occupation definition by introducing this for 12 months on claims for occupation classes 3 and 4, making it easier to claim. This will be more consumer-friendly and make it easier for advisers to market these plans to their clients.”
Peter Le Beau, co-chair of the Income Protection Task Force, commented: “I am very impressed by the efforts Legal & General have made to produce a competitive and attractive IP plan. I also applaud their transparency in revealing their claims paid ratio. This excellent figure will reassure customers that valid claims will be paid.”Legal & General paid 90.4 per cent of income protection claims in 2008. Further product changes include increased maximum benefit from GBP 120,000 to GBP 200,000 per annum, an increased expiry age from 65 to 70 and Guaranteed Insurability Options to make it easier for people to increase their cover in line with their earnings.
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