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Legal and General updates protection policy

  • 28/03/2023
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Legal and General updates protection policy
Legal and General Retail has updated its protection proposition, including increasing payments for children’s critical illness, improving guaranteed insurability options and changing definitions around certain conditions.

On the children’s critical illness extra side, payments will rise from £30,000 to £35,000.

Terminal illness payments will rise from £10,000 to £35,000 and family accommodation has gone up from £1,000 to £3,000. Funeral cover has doubled to £10,000.

The lender has widened its guaranteed insurability options (GIO) across its products to allow larger increases of cover and further opportunities to revise cover if the customer’s situation changes.

Legal and General Retail has also changed definitions for cancer, heart attack and dementia, which covers Alzheimer’s disease.

The lender said these enhancements came after recommendations from the Association of British Insurers (ABI) and were “designed to facilitate better customer outcomes”.

The changes will apply to policies from 26 March.

Julie Godley (pictured), director of intermediary, retail protection at Legal and General Retail, said: “At Legal and General, we are committed to supporting advisers in giving their customers help when they need it most.

“We listened to feedback from intermediaries around changing customer need and in response we have made these important updates.”

She added: “We understand that lives change, sometimes unexpectedly, and the updates to our critical illness products and GIOs allow advisers to offer their clients the flexibility to adapt the cover to meet their needs.

“Helping advisers to protect and support their clients is central to what we do, and we work with them to provide the tools and knowledge they need to support people in making better-informed decisions, reach good customer outcomes and further demonstrate the value of their advice.”

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