Legal & General (L&G) has announced a series of updates to its income protection (IP) product, including increased acceptance, more income guarantees and extended support services. L&G says it has also introduced more competitive pricing on its IP products. In detail the changes include:
* Removing the generic exclusion of alcohol and drug abuse.
* Increasing the 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.
* Raising the limit too on increasing IP plans, to £168,000 a year (£14,000 a month).
* Last year (July 2018), L&G introduced special terms for NHS doctors, nurses and surgeons and has now introduced an income guarantee for these individuals, set at £3,000 a month. The original £1,500 income guarantee is unaffected and will remain in place for anyone who does not meet the criteria of being an NHS doctor, nurse or surgeon.
* The Nurse Support Services (NSS) benefit is now available across L&G’s life insurance, family and personal income plans, income protection, relevant life plans and business life insurance intermediary product range. IP customers can access information on the NSS support services at any point in the life of their policy. The service is available to the life insured and to their immediate family, and offers support across a variety of areas such as mental health, bereavement and serious illness.
Existing benefits include guaranteed premiums, a two-year low cost option, stepped benefit (on level and increasing plans), a choice of four deferred periods, income guarantee automatically included, and a range of rehabilitation support services included at no extra cost.