Legal & General has today announced a series of updates to its Income Protection plans, including new pricing, which will be available from 12th May 2019.
Amongst the changes include an increased maximum IP benefit limit - from £200,000 a year (£16,667 a month) to £240,000 a year (£20,000 a month). This applies to employed and self-employed customers taking out a plan on a Standard or Low-Cost basis. Legal & General is also raising the limit on increasing IP plans to £168,000 a year (£14,000 a month).
Legal & General has also removed policy wording concerning the generic exclusion of alcohol and drug abuse.
In July 2018, Legal & General introduced special terms for NHS doctors, nurses and surgeons. This second development sees the introduction of an Income Guarantee for these individuals, set at £3,000 a month.
Finally, the provider's Nurse Support Services benefit is now available across its Life Insurance, Family and Personal Income Plan, Income Protection, Relevant Life Plans and Business Life Insurance intermediary product range.
Mark Jones, Product Director Legal & General, comments:
“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. Not only have we improved pricing, but these changes also include the addition of new features such as our Nurse Support Services benefit.
“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.”