Legal & General: Over-50s life insurance

Friday, 18 September 2009 12:00

Legal & General is to launch two new guaranteed acceptance life insurance plans for the over 50s.

The Increasing Plan, where the benefit increases in line with inflation, and the Funeral Plan, which protects against rising insurance costs, are being rolled out following the success of similar over-50s products.

The insurer has sold - through its business partners - more than 500 of the products, known as the Fixed Plans, since March.

These latest additions are reviewable annually in line with inflation, but allow policyholders to freeze their sum assured at any time and not increase it any further.

Malcolm Cowcher, sales director for Legal & General Partnership Services, said: "People traditionally take out this type of life insurance to provide their family with funds to go towards funeral expenses or unpaid bills, or as a gift to children or grandchildren.

"We've now got three different plans to give advisers and their clients the flexibility to choose the product which best serves their needs."

Premiums are reviewed each year and increase by 1.5 per cent for every one per cent increase in benefit.

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