Looking at the changes to its protection criteria, its Critical Illness Extra and Children’s Critical Illness Extra plans will have improved additional payment amounts of up to 100%.
This will be up to the value of £35,000 for Critical Illness Extra and £40,000 for Children’s Critical Illness Extra.
L&G’s Critical Illness Extra has been updated to cover conditions such as Edwards’ syndrome, Patau syndrome, and the surgical repair of an atrial or ventricular septal defect.
On the income protection side, the lender will pay the customer’s monthly benefit even if their income has decreased by the time they make a valid claim if the difference between the settled amount and the policy sum assured is less than 10%.
Additionally, the wording has been simplified in policy documents and annual reminders will be issued to customers to encourage them to check their policies.
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The quote validity period for protection has been extended from 90 days to 120 days to offer customers “greater certainty for a longer period of time and is particularly beneficial given the increasing timelines associated with mortgage completions”.
L&G will also give customers with increasing cover indexation and the choice to decline increasing their cover up to three consecutive times before the benefit is removed.
This is to help safeguard against the impacts of inflation and offer more flexibility, and the change will apply to all new applications for indexed products. There are plans to extend this to existing customers in the near future.
Julie Godley, director for intermediary, retail protection at L&G, said: “These enhancements reflect our ongoing commitment to the intermediary market – we’re committed to delivering great value and positive outcomes for our advisers and their clients.
“Importantly these updates to our proposition are based on valuable feedback from both consumers and advisers. By prioritising their needs, we aim to offer innovative solutions that truly make a difference.”
